FxWirePro- BTCUSD Daily Outlook

BTCUSD  recovered sharply on upbeat market sentiment.  It hit a high of $715975 and is currently trading around $70607.

Fidelity BTC ETF recorded inflows of $261 million on Monday. Markets eye BTC halving event which is on Apr 20th, 2024.

 Factors to watch for Bitcoin price action-

  US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ trades above 18500 on rate cut hopes. Any close above 18700 will take the index to 19000.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in  June % increased to 64.2% from 50% a week ago.

 Technicals-

BTCUSD trades below the short-term moving average (21 and 55 EMA) and above the long-term moving average (200 EMA) in the 4-hour chart.

Minor support- $67000.  Any break below will take it to the next level at $65000/$63000/$61800/$60000.

 Bull case-

Primary supply zone -$75000.  Any break above confirms a bullish continuation. A jump to $80000 is possible.      

  Secondary barrier- $80000. A close above that barrier targets $100000.

 It is good to buy on dips around $63000 with SL around $59000 for TP of $75000.