BTCUSD Consolidating in a Narrow Range Ahead of US CPI

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

BTCUSD is consolidating in a narrow range ahead of the US CPI. It hit a high of $61,600 and is currently trading at around $60,885.

The annual headline inflation (CPI) is expected to remain steady at 3%, while core inflation is anticipated to decline to 3.2%. Softer inflation will push BTC prices to $65,000.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 47.5% from 31% a week ago.

US markets -

NASDAQ (negative correlation with BTC) - Bearish (neutral for BTC). The NASDAQ showed a minor pullback ahead of US CPI. Any close above 19090 will take the index to 19500.

Technicals-

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

Minor support- $54,500. Any break below will take it to the next level at $53,000/$50,000/$46,000.

Bull case-

Primary supply zone -$63,000. Any break above confirms a bullish continuation. A jump to $65,000/$67,000/$70,000 is possible.

Secondary barrier- $70,000. A close above that barrier targets $75,0000/$80,0000.

It is good to buy on dips around $55,000 with SL around $52,000 for TP of $63,000/$67,000.