Originally published on: June 06, 2024
Bitcoin’s price soared to $90,709 before settling around $71,000 on June 6, setting the stage for a possible liquidity battle. Traders closely monitored BTC’s movement as it approached the critical resistance level of $72,000, a key milestone before potentially reaching all-time highs.
Market data from Cointelegraph Markets Pro and TradingView illustrated the intense trading activity below the $72,000 mark. Amid ongoing macroeconomic events, such as the European Central Bank’s interest rate cut and the higher-than-expected U.S. jobless claims, the crypto market remained poised for further gains.
Experts and analysts, including Daan Crypto Trades and Michaël van de Poppe, emphasized the importance of the $70,000 level as a key support level for Bitcoin’s upward momentum. Traders anticipated a potential shakeout of speculative positions before BTC’s uptrend continued.
With global liquidity at record levels and a favorable outlook for cryptocurrencies in light of loosening fiscal policies worldwide, Bitcoin stood to benefit from a positive U.S. jobless claims report and upcoming inflation data releases. Market observers predicted that upcoming economic data prints, including the Consumer Price Index for May, could trigger new all-time highs for BTC.
As the crypto market remains volatile, readers are advised to conduct their own research and exercise caution when making investment decisions. Stay informed with critical insights on investment opportunities and trading strategies by subscribing to the Markets Outlook newsletter.
