BTCUSD is trading weak on diminishing rate-cut hopes.

It hit a low of $66983 yesterday and is currently trading around $67691. According to data from crypto intelligence tracker Glassnode shows that

BTCUSD trades weak on diminishing rate-cut hopes. It hit a low of $66983 yesterday and is currently trading around $67691.

Active addresses dropped to the lowest level in 2000 days, as per data from crypto intelligence tracker Glassnode. This confirms a minor bearish trend in Bitcoin.

US markets closed mixed on diminishing rate-cut hopes. Technology stocks advanced as easing US inflation helped the NASDAQ hit a fresh all-time high.

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

Any close above 19700 will take the index to 20000.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 61.10% from 46.60% a week ago.

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

Minor support lies at $66500. Any break below will take it to the next level at $65000/$63000/$60000/$56000/$50000.

Bull case

Primary supply zone -$70000. Any break above confirms a bullish continuation. A jump to $75000 is possible.

Secondary barrier- $75000. A close above that barrier targets $100000.

It is good to buy on dips around $65000 with SL around $63000 for TP of $75000.

News source：https://www.kdj.com/cryptocurrencies-news/articles/btcusd-trading-weak-diminishing-ratecut-hopes.html

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