FxWirePro - BTCUSD Daily Outlook

"BTCUSD Soars: Will $70K Be Within Reach? Bullish Momentum Builds!"

Potential reversal zone- $52530.

 BTCUSD pared some of its gains due to profit booking. It hit a high of  $69498 yesterday and is currently trading at around $67396.

 Bitcoin (BTC)

Market Activity: BTC has seen an 11% price increase over the past week. Whales have accumulated around 20,000 BTC, valued at over $1.35 billion. This group now holds a total of 3.05 million BTC. The accumulation trend suggests a potential breakout past the $68,000 resistance level toward its all-time high of $73,750.

As of mid-October 2024, Bitcoin spot ETFs have attracted significant interest, with total net inflows reaching roughly $470.5 million on October 17 alone.

Key funds driving this demand include BlackRock's IBIT, which accounted for approximately $309 million in inflows on that day, and Fidelity's FBTC, which saw inflows of around $11.7 million. Other ETFs, such as Grayscale's GBTC and Ark Invest's ARKB, also contributed to the total inflows, although to a lesser degree.

US markets -

  NASDAQ (No correlation with BTC) - Bullish  (neutral for BTC). The NASDAQ trades higher after NVIDIA hits all-time high. Any close above 20500 will take the index to 21000.

  Technicals-

 BTCUSD trades above the short-term moving average 34- EMA 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/$55000/$52500/$50000/$46000.

  Bull case-

 Primary supply zone -$70000.  Any break above confirms an intraday bullishness. A jump to $73500/$75000 is possible.      

  Secondary barrier- $75000. A close above that barrier targets $80000/$85000.

Indicator (4-hour chart)

CCI (50)- Bearish

Average directional movement Index - Neutral

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