FxWirePro- BTCUSD Daily Outlook

Token PostPublished on 2024-08-13Last updated on 2024-08-13

BTCUSD pared some of the gains on profit-booking. It hit a low of $57681 yesterday and is currently trading at around $58327.

According to Ash Crypto, BTC large holders have accumulated 84000 BTC in July. On Aug 9th, 2024, BTC ETF saw outflows of $283 million with iShares alone seeing an inflow of $159.57 million.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 49.50% from 15% a week ago.

Markets eyes US CPI data on Wednesday for further direction.

US markets -

NASDAQ (negative correlation with BTC) - Bearish (neutral for BTC). The NASDAQ trades higher on rate cut hopes. Any close above 18600 will take the index to 19000.

Technicals-

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

Minor support- $54500. Any break below will take it to the next level at $53000/$50000/$46000.

Bull case-

Primary supply zone -$63000. Any break above confirms a bullish continuation. A jump to $65000/$67000/$70000 is possible.

Secondary barrier- $70000. A close above that barrier targets $750000/$80000.

It is good to buy on dips around $55000 with SL around $52000 for TP of $63000/$67000.

TokenPost | [email protected]

Related Reads

Assessing Sonic’s [S] 12% price drop and why more selling may be next

Sonic (S) has dropped 12% in 24 hours, with further declines anticipated. Despite a notable 23% surge in daily active users and over 228,000 on-chain transactions, key metrics suggest selling pressure is driving the activity. Total Value Locked (TVL) fell by $4.47 million to around $16.07 million, indicating capital outflows. While DEX volume spiked to $3.27 million and overall trading volume rose 51% to $26.8 million, this high volume alongside a falling price points to dominant selling momentum. Spot market data shows slight positive net inflows of about $20,000, hinting at minor accumulation, but this buying pressure is currently insufficient to counter the selling or fuel a near-term price recovery.

ambcrypto47m ago

Assessing Sonic’s [S] 12% price drop and why more selling may be next

ambcrypto47m ago

After a Three-Year Hiatus, Peking University Alumna Lilian Weng's Latest Long-Form Article Goes Viral

After a three-year hiatus, OpenAI alum and renowned AI researcher Lilian Weng has published a comprehensive blog post analyzing the "Scaling Laws" that have guided multi-billion dollar investments in large language models. Her post, "Scaling Laws, Carefully," reveals these foundational laws to be more fragile than widely assumed. She dissects a key discrepancy between OpenAI's 2020 conclusion (favoring larger models) and DeepMind's 2022 Chinchilla finding (advocating balanced growth of model size and data), tracing it to differences in parameter counting and experimental scale. Furthermore, Weng highlights a critical methodological bug in the influential Chinchilla paper, discovered in 2024, where a loss function averaging error caused premature optimizer termination. The analysis also underscores a fundamental limitation: the laws assume infinite, unique training data, a premise collapsing as high-quality text data is exhausted by 2026-2028. This scarcity is driving the industry toward alternatives like reinforcement learning, test-time computation, and synthetic data. Weng concludes that the future of AI depends not just on more compute, but on rigorously understanding and refining these scaling principles.

marsbit57m ago

After a Three-Year Hiatus, Peking University Alumna Lilian Weng's Latest Long-Form Article Goes Viral

marsbit57m ago

Stablecoins Becoming the Next Policy Challenge for the Fed's Walsh Version

Fed Governor Christopher Waller's speech at the June 22 conference on the U.S. dollar's international role signifies a notable policy shift: stablecoins like USDT and USDC are now being formally considered as potential channels for transmitting U.S. dollar liquidity globally. With their combined market cap surpassing $250 billion and high transaction volumes, these digital assets are moving from the periphery of crypto policy to the core of monetary system research. The key concern for policymakers is how stablecoin flows interact with traditional dollar infrastructure. Their growth could affect bank deposits, demand for short-term Treasury securities (like T-bills), and global access to dollars, depending on whether demand originates overseas or substitutes for domestic bank balances. Issuers' reserve management—holding assets in banks, money market funds, or Treasuries—links stablecoin activity directly to these core markets. The Fed's research agenda now examines whether stablecoins, by combining payment and balance-holding functions on digital rails, could complicate monetary policy implementation or transmit liquidity stress to banks. While current Treasury holdings by issuers are under 1% of the total market, their concentrated demand could marginally impact yields, especially during periods of stress. Consequently, stablecoins are evolving from mere crypto trading tools into a private-layer dollar transmission system with public policy implications, prompting closer regulatory scrutiny of their reserve robustness, redemption mechanisms, and systemic integration.

marsbit1h ago

Stablecoins Becoming the Next Policy Challenge for the Fed's Walsh Version

marsbit1h ago

After Burning Through 900 Billion, Zuckerberg Decides to Open a Casino Where You Can't Gamble

Mark Zuckerberg's Meta is venting a new app called Arena, a prediction market platform where users use points instead of real money to bet on outcomes of elections, sports, and world events. This move follows Meta's massive $90 billion cumulative loss in its Reality Labs metaverse division. Critics argue the "play money" model undermines the core mechanism of prediction markets, where real financial stakes ensure accurate forecasts. Arena is seen as Meta's attempt to copy established, fast-growing platforms like Polymarket and Kalshi while avoiding regulatory hurdles. The article suggests this may be less about creating a genuine prediction tool and more about social engagement, potentially acting as a gateway that introduces billions to the concept, from which licensed platforms could ultimately benefit.

marsbit1h ago

After Burning Through 900 Billion, Zuckerberg Decides to Open a Casino Where You Can't Gamble

marsbit1h ago

A 380% Soar, Shenzhen’s 100-Billion-Yuan IPO Rings the Bell

HKC Holdings, a major Chinese display panel manufacturer, has successfully listed on the Shenzhen Stock Exchange's main board. The company's shares surged over 380% on its debut, pushing its market capitalization to around 350 billion yuan (formerly reaching 500 billion yuan). Founded by Wang Zhiyong in Shenzhen's Huaqiangbei electronics market nearly three decades ago, HKC evolved from assembling monitors to becoming a global top-tier supplier of semiconductor display panels for TVs, monitors, and smartphones. The IPO marks a significant milestone for HKC and its backers. The company's growth into the capital-intensive panel manufacturing sector was supported through partnerships with state-owned capital from regions like Chongqing, Mianyang, and Chuzhou. Its shareholder list also includes BOE Technology's investment arm. In recent years, HKC reported strong financials, with core panel business contributing over 70% of revenue and clients including Samsung, TCL, and Xiaomi. This listing is seen as part of a broader trend in Shenzhen's evolving tech landscape. Beyond established giants, the city is nurturing clusters of leading companies in specialized sectors like robotics—exemplified by the "Shenzhen Robot Valley"—and storage chips, where a group of firms dubbed the "Storage Five Tigers" has achieved a combined trillion-yuan market valuation. Shenzhen's strategic focus on emerging industries such as AI terminals, low-altitude economy, and humanoid robotics aims to build new industrial depth and foster the next generation of tech champions.

marsbit1h ago

A 380% Soar, Shenzhen’s 100-Billion-Yuan IPO Rings the Bell

marsbit1h ago

Trading

Spot
Futures
活动图片