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BTC Bulls to Target $31,500 on Improved US Economic Outlook
This morning, BTC was under pressure. Following a euphoric session on Tuesday, Fed Chair Powell will adjust the dial this afternoon as concerns about a US slowdown subside.
Bitcoin (BTC) increased 1.44% on Tuesday. BTC finished the day at $30,771, reversing a 0.68% decline from Monday.
Significantly, BTC put an end to a losing streak of three days.
BTC experienced a mixed day's start, dropping to a low of $30,289 in the first hour. BTC increased beyond the First Major Support Level (S1) at $29,964 to a high of $31,085 in the early afternoon. The First Major Resistance Level (R1) was breached by BTC at $30,724 to close the day at $30,771.
Support was provided by US economic indicators and China's hopes for stimulus
The US economic calendar had a busier Tuesday. Interest was generated by US durable goods orders and consumer optimism. The CB Consumer Confidence Index spiked sharply, setting a session high.
In June, the CB Consumer Confidence Index rose from 102.5 to 109.7 compared to an expected 104.0. US core durable goods orders were similarly upbeat in May, increasing by 0.6% after falling by 0.6% in April. A 0.1% fall was predicted by economists.
Significantly, the figures increased bets on a July and Fed rate hike while easing the immediate worry of an economic recession.
The mood was set earlier in the day by expectations of additional Beijing stimulus measures to revive the Chinese economy.
The positive data helped the NASDAQ Composite Index, which increased 1.65%, have a much-needed optimistic session. The NASDAQ mini, on the other hand, fell 47.25 points this morning.
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