Bitcoin (BTC) held steady around the $71,000 mark as Wall Street opened on June 6, with traders eyeing a potential liquidity boost. The cryptocurrency’s price has been consolidating just below the crucial $72,000 resistance level, the final major hurdle before Bitcoin could challenge its all-time highs.
Recent macroeconomic events have bolstered the bullish outlook for Bitcoin. On June 6, the European Central Bank (ECB) enacted its first interest rate cut since 2019, while U.S. jobless claims exceeded expectations. The higher-than-expected jobless claims report could be seen as positive news for Bitcoin.
Although the U.S. Federal Reserve has not yet cut rates this year, the ECB’s move and record global liquidity suggest an upward trajectory for Bitcoin. QCP Capital highlighted that upcoming U.S. macroeconomic data, including the Consumer Price Index (CPI) for May, due on June 12, could further boost Bitcoin:
“A lower than expected jobless claims report tonight and the CPI release next week might potentially be the trigger for a new all-time high for BTC,” the trading firm stated. “There may also be added momentum to the rally as the market prices in rate cuts.”
With Bitcoin hovering near a critical resistance level and favorable macroeconomic conditions, traders and analysts are closely monitoring key support and liquidity levels. The upcoming U.S. macro data could play a significant role in Bitcoin’s near-term price action, potentially paving the way for new all-time highs.
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