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

According to the CoinShares 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 $58,456 and is currently trading around $61,154. As per the CoinShares report, BTC ETF outflow 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 20,000 will take the index to 20,500.

As per the CME Fedwatch tool, the probability of a 25 basis point rate cut in September 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 $58,000. Any break below that will take it to the next level at $56,000/$50,000.

Bull case

Primary supply zone is at $65,000. Any break above that confirms a bullish continuation. A jump to $70,000/$75,000 is possible. Secondary barrier is at $75,000. A close above that barrier targets $100,000. It is **good** to sell on rallies around $65,000 with SL around $70,000 for TP of $50,000.

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