FxWirePro- BTCUSD Daily Outlook

BTCUSD trades flat after surging more than $1000 from a minor bottom of $60760. It hit a high of $71574 and is currently trading around $70286.

Markets eye Bitcoin halving to occur in Apr 2024.BTC halving will happen when the block number hits 74000 and the reward will decline from 6.25 to 3.125 bitcoins.

Factors to watch for Bitcoin price action-

  US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ trades flat despite a strong US GDP. Any close above 18700 will take the index to 19000.

According to the CME Fed watch tool, the probability of a no-rate cut in  June increased to 66% from 55.20% a day 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.