FxWirePro- BTCUSD Daily Outlook

BTCUSD  showed a minor pullback ahead of US CPI data. It hit a high of $62984 at the time of writing and is currently trading around $62865.

Markets eye the US CPI and retail sales data for further movement. Any upbeat US CPI inflation will force the Fed to keep rates higher a little longer. 

Harvest Global CEO said that the company is examining possibilities for Mainland investors to invest in Hon Kong BTC and ETH ETF through Hong Kong Connect.  

  US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ trades higher ahead of the US CPI.  Any close above 18500 will take the index to 18800.

According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 96.7% from 91.3% 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 -$63000.  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.