BTCUSD Loses Its Shine on BTC ETF Outflows, Hits a Low of $58456

According to the coin shares report, BTC ETF has seen an outflow of $900 million the previous week.

BTCUSD lost its shine on BTC ETF outflows as it hit a low of $58456 and is currently trading around $61154.

As per the coin shares report, BTC ETF outflows hit $900 million the previous week.

US markets

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC)

The NASDAQ declined sharply as Nvidia tumbled sharply. Any close above 20000 will take the index to 20500.

As per the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 61.10% from 56.70% a week ago.

Technicals

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

Minor support is at $58000. Any break below that will take it to the next level at $56000/$50000.

Bull case

Primary supply zone is at $65000. Any break above that confirms a bullish continuation. A jump to $70000/$75000 is possible.

Secondary barrier is at $75000. A close above that barrier targets $100000.

It is good to sell on rallies around $65000 with SL around $70000 for TP of $50000.