FxWirePro- BTCUSD Daily Outlook

BTCUSD consolidates in a narrow range between with long-term bias positive. It hit a high of $67322 at the time of writing and is currently trading around $67167.

The spot BTC ETF hit a two-week high of $303 million on Thursday. According to data from River shows that 13 out iof 25 hedged funds bought spot BTC last week.

  US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ trades higher on rate cut hopes.  Any close above 18800 will take the index to 19000.

According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 91.1% from 96.5% 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- $63000.  Any break below will take it to the next level at  $60000/$56000/$50000.

 Bull case-

Primary supply zone -$67500.  Any break above confirms a bullish continuation. A jump to $70000/$73500 is possible.      

  Secondary barrier- $75000. A close above that barrier targets $80000.

 It is good to buy on dips around $63000 with SL around $60000 for TP of $70000.