BTCUSD Declined After a Minor Pullback of Nearly $3000, A Whale Has Purchased 1000 BTC Worth $57.3 Million on Binance Today

BTCUSD declined after a minor pullback of nearly $3000.It hit a low of $55602 and is currently trading at around $56766.

BTC price pulled back from a minor resistance of $58500 and declined nearly $3000. It hit a low of $55602 and is currently trading at around $56766.

The recession fears in US putting pressure on riskier assets like BTC and equities at higher levels.

A whale has purchased 1000 BTC worth $57.3 million on Binance today. In the last 4 days, this same person has accumulated 2,000 BTC.

BTC ETF has seen an outflow of $325 million in the past two days led by Fidelity BTC ETF over $170 million.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 55% from 62% a week ago.

US markets -

NASDAQ (negative correlation with BTC) - Bearish (neutral for BTC). The NASDAQ trades weak ahead of US employment data. Any close above 20000 will take the index to 20500.

Technicals-

BTCUSD trades below the short-term moving average of 34- EMA and 55 EMA and the long-term moving average (200 EMA) in the 4-hour chart.

In daily chart also BTC holds below the short and long-term moving average. This confirms a minor weakness.

Minor support- $54000. Any break below will take it to the next level at $53000/$50000/$46000.

Bull case-

Primary supply zone -$61200. Any break above confirms a bullish continuation. A jump to $61800/$63000/$65000/$67000/$70000 is possible.

Secondary barrier- $70000. A close above that barrier targets $750000/$80000.

Indicator (4-hour chart)

CCI (14)- Bearish

CCI (50)- Bearish

Average directional movement Index - bearish

It is good to sell on rallies around $59745-750 with SL around $56000 for TP of $50000.