Technical analysis by DynamicCapital-FX about Symbol BTC: Buy recommendation (9/7/2024)

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.BTC hit ATHMarket have reached our target.