BTCUSD | Trade idea

BTCUSD is trading weak ahead of the US Non-Farm Payroll (NFP) data, having hit a low of $55,282 and currently hovering around $55,958.

The number of large investors holding between 100 and 1,000 BTC has reached a one-month high of 16,120, indicating that whales are buying BTC at lower levels.

BTC ETFs have experienced an outflow of $211 million, marking the seventh consecutive day of withdrawals.

According to the CME FedWatch tool, the probability of a 25 basis point rate cut in September has dropped to 57% from 70% a week ago.

US Markets:

NASDAQ (negative correlation with BTC): Bearish but neutral for BTC, trading weak ahead of the NFP data. A close above 20,000 could push the index to 20,500.

Technical Analysis:

BTCUSD is trading below the short-term 34-EMA and 55-EMA, as well as the long-term 200-EMA on the 4-hour chart, indicating weakness.
On the daily chart, BTC remains below both short- and long-term moving averages, confirming minor weakness.

Support Levels:

Minor support at $54,000. A break below could push BTC to $53,000/$50,000/$46,000.
Bullish Scenario:

Primary supply zone: $57,000. A break above this level could confirm intraday bullish momentum with potential targets of $60,000/$61,800/$63,000/$65,000/$67,000/$70,000.

Secondary barrier: $70,000. A close above could target $75,000/$80,000.
Nota
BTC hit ATH
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