FxWirePro- BTCUSD Daily Outlook

BTCUSD  trades higher after positive comments from Donald Trump. It hit a high of $67485  at the time of writing and is currently trading at around $67195.

Donald Trump said in the Bitcoin conference 2024 that SEC Chairman Gary Gensler will be fired and a new chairman will be appointed.

"It will be the policy of my administration...to keep 100% of all the bitcoin the US government currently holds or acquires into the future,"   

 US markets -

 NASDAQ (negative correlation with BTC) - Bullish  (neutral for BTC). The NASDAQ pared some of its gains ahead of major tech earnings. Market eyes Apple, Microsoft, and Amazon for further movement.  Any close below 18700 will take the index to 18500.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 89.60% from 94% 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- $65000.  Any break below will take it to the next level at $63000/$60000/$57000/$53000/$50000.

 Bull case-

Primary supply zone -$70000.  Any break above confirms a bullish continuation. A jump to $75000 is possible.      

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

 It is good to buy on dips around $67000 with SL around $65000 for TP of $75000.