BTCUSD Holds Above $60000 Ahead of the Jackson Hole Symposium

BTCUSD price shows a slight gain on Friday as the traders prepare for the upcoming Jackson Hole Symposium. The price took a hit and dropped to a low of $57000 earlier this week. However, the price recovered quickly and is now seen trading above the psychological level of $60000.

The initial resistance is present at $61300, above which the price may continue to rise towards $62500. A clear break above this level could lead BTCUSD towards $63000. On the downside, support is seen at $60500, below which the price may drop towards $60000. A further decline could lead BTCUSD towards $59000.

The US jobless claims rose slightly to 240,000, compared to the estimate of 238,000. However, continuing claims fell to 1.40 million, lower than the estimate of 1.42 million. The S&P services PMI rose sharply to 56.9, indicating that the US economy remains resilient.

Markets are anticipating a 25 basis points rate cut in September. According to the CME Fed Watch Tool, the probability of a 25 bpbs rate cut in Sep decreased to 73.50% from 75% a week ago.

BTC ETF had outflows of $10.70 million, excluding flow data of iShares Bitcoin ETF (IBIT).

In the US markets, the NASDAQ trades flat ahead of the Jackson Hole symposium. Any close below 19300 will drag the index to 19000. The Dow Jones Industrial Average futures fell 65 points, or 0.21%, to 32,000 points. S&P 500 futures were up 0.07% at 4,220.75 points.

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

It is good to buy on dips around $55000 with SL around $52000 for TP of $63000/$67000.