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BTCUSD showed a minor pullback on rate cut hopes. It hit a low of $63876 at the time of writing and is currently trading around $63038.
The dismal US jobless claims increased the chance of a rate cut.
President Donald Trump says Biden doesn't even know what crypto is and if you support crypto you should vote for Trump.
US markets -
NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ gained sharply on rate cut hopes. Any close above 18300 will take the index to 18500.
According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 91.3% from 90.7% 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- $60000. Any break below will take it to the next level at $56000/$50000.
Bull case-
Primary supply zone -$62000. Any break above confirms a bullish continuation. A jump to $64000/$67500/$70000/$73500 is possible.
Secondary barrier- $75000. A close above that barrier targets $80000.
It is good to buy on dips around $60000 with SL around $57500 for TP of $70000.
