FxWirePro- BTCUSD Daily Outlook

BTCUSD  pared some of its gains on strong US jobs data on Friday. It hit a low of $66696  at the tume of writing   and is currently trading around $66949.

BTC inflows hit record inflows of $2 billion in first week of June, according to coinshares. Markets eye US CPI and Fed monetary policy for further movement.

 US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ hits a fresh all-time high ahead of US Fed monetary policy. Any close above 19100 will take the index to 19500.

 According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 99.4% from 98.50% a week ago.

 Technicals-

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

Minor support- $66500.  Any break below will take it to the next level at  $65000/$63000/$60000/$56000/$50000.

 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 $65000 with SL around $63000 for TP of $75000.