Bitcoin surged to $71,000 during the June 6 Wall Street opening, with traders keeping a close watch on potential liquidity fluctuations.
The BTC/USD 1-hour chart showed Bitcoin’s price stabilizing at $71,000 as rate cuts impacted Europe. Data from Cointelegraph Markets Pro and TradingView revealed BTC price action consolidating below significant resistance at $72,000, signaling a possible push towards all-time highs. Market participants remained optimistic due to macroeconomic events, such as the European Central Bank’s first interest rate cut since 2019 and higher than expected United States jobless claims.
Trading resource Material Indicators noted that negative news could potentially have a positive impact, as shown in an analysis of X, accompanied by a chart displaying bid and ask liquidity on Binance, the largest global exchange.
Popular trader Daan Crypto Trades suggested that both long and short speculative traders might be shaken out before Bitcoin’s upward trend continued, stating that price movement remained sideways as liquidity built up on both sides.
Founder and CEO of trading firm MNTrading, Michaël van de Poppe, emphasized the importance of Bitcoin holding the $70,000 level as upward momentum continued, as illustrated in a chart.
Looking ahead, U.S. macro data could provide further opportunities for Bitcoin bulls, as global fiscal policies loosen. The U.S. Federal Reserve’s lack of rate cuts this year, combined with the ECB’s actions and record global liquidity, has experts leaning towards a positive outlook.
Trading firm QCP Capital pointed to upcoming U.S. macro data releases, such as the Consumer Price Index (CPI) print for May on June 12, as potential triggers for a new all-time high for BTC. The Fed’s meeting on the same day could confirm any rate changes.
This article serves as information and does not offer investment advice. Readers are advised to conduct their own research before making any investment decisions, as all trading activities involve risks.