BTCUSD holds above $60000 as whales accumulate, good to buy on dips

BTCUSD surged sharply on rate cut hopes. It hit a high of $63259 and is currently trading around $62594. Bitcoin whales have accumulated 71000 BTC

BTCUSD remained bullish this week as the price surged sharply on rate cut hopes. It hit a high of $63259 and is currently trading around $62594.

Bitcoin whales have accumulated a massive amount of BTC this week, with data from on-chain analytics firm CryptoQuant revealing that whales have added 71000 BTC to their holdings so far. This marks the highest rate of whale accumulation since Apr 2023.

Meanwhile, Bitcoin ETFs saw inflows of $1.047 billion last week, according to data from Financials. While BTC Coinbase and Binance premiums remained high this week, they also saw a slight decline from the previous week. This indicates a bullish trend for Bitcoin.

In other news, the US markets had a mixed performance this week. The NASDAQ, which has a negative correlation with BTC, closed largely unchanged for the week. This could be seen as a neutral factor for BTC. The NASDAQ pared some of its gains as investors awaited major earnings. Any close above 20500 this week will be bullish for BTC.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 88.10 from 72.2% a week ago.

On the technical front, 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 is seen at $57000. Any break below that level could lead to further losses towards $55000, $53000, $51825, $50000 and $47000.

On the upside, the primary supply zone is seen at $63000. A break above this level could confirm a bullish continuation, with potential gains extending towards $65000 and $70000.

If BTC closes above $63000, it will be bullish for the next week. A move to $75000 is possible.

However, if BTC fails to hold above $63000, the bullish case will be invalidated. In that case, it is better to sell and book profits around $60000 with SL around $57000 for TP of $75000.

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