FxWirePro- BTCUSD Daily Outlook

BTCUSD holds above $72000 ahead of the halving event this month. It hit a high of $72606 and is currently trading around $72374.

According to coin glass data, over $55.72 million liquidated in short positions in the past 24 hours.

Factors to watch for Bitcoin price action-

  US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ is consolidating ahead of the US CPI data. Any close below 18000 will take the index to 17700/17300.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in  June decreased to 46.2% from  55.2% a week ago.

 Technicals-

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

Minor support- $69500.  Any break below will take it to the next level at $67000/$64500/$6300.

 Bull case-

Primary supply zone -$73500.  Any break above confirms a bullish continuation. A jump to $75000/$80000 is possible.      

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

 It is good to buy on dips around $69500 with SL around $67000 for TP of $75000.