BTC price should hold $70K next as Bitcoin weathers ECB rate cuts.
Bitcoin (BTC) hovered around $71,000 at the June 6 Wall Street open.
BTC Price Anchors at $71,000 as Decline Hits Europe
Data from Cointelegraph Markets Pro and TradingView showed BTC price action below seminal resistance at $72,000.
This represents the final hurdle before the all-time high – something that's still on the cards for market participants as macroeconomic events have fueled the crypto bull case.
On the day they came from America and Europe. The European Central Bank or ECB. US jobless claims came in higher than expected, leading to the first interest rate cut since 2019.
“For Jobless Claims: Bad New = Good News,” marketing resource Material Indicators wrote in a preliminary analysis on X (formerly Twitter).
The accompanying chart shows bid positions and ask amounts on the largest global exchange, Binance.
Next, popular trader Daan Crypto Trades speculated that both speculative long and short traders could shake up Bitcoin before it continues its rise.
“Prices will continue to move sideways as liquidity continues to increase on both sides,” he said.
“Eyes with a bright yellow area to squeeze. Before choosing a direction, to pick up both sides, not avoiding the price that leads one to the other.
Michael Van de Pop, founder and CEO of MNTrading trading company, suggests that $70,000 is the next basic level to hold.
“The upward momentum in Bitcoin continues to unfold,” he summarized with a symbolic chart.
“$70k broke above, so the important level is $70k now to continue to the highs.”
US macro data offers more opportunities for Bitcoin bulls
As Cointelegraph reports, long-term views favor Bitcoin and altcoins, which will reap the benefits of loosening fiscal policy globally.
Related: Bitcoin hash ribbs lights first buy signal starting at $25K BTC price.
The U.S. Federal Reserve may not cut rates until this year, but the clear precedent set by the ECB, combined with global monetary easing, has observers looking up.
“Lower-than-expected jobless claims tonight and CPI release next week could trigger new highs for BTC,” trading firm QCP Capital wrote in an update to Telegram channel subscribers that day.
“Furthermore, there may be further momentum in the rally as market prices decline.”
QCP cites US macro data publications that provide insight into inflation trends, including the May-June 12 Consumer Price Index (CPI) publication.
That day he will meet with the federation to confirm any proportional changes.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
