Monday, June 10, 2024: Bitcoin Price Today is $69,339, starting the week grappling with familiar resistance as surprise volatility marked the beginning of June. The BTC price is hovering around its 2021 all-time high at $69,000, sparking a tug-of-war between bulls and bears. The unpredictable short-term market, influenced by U.S. macroeconomic data, continues to prevent Bitcoin from breaking the final resistance toward price discovery above $74,000.
Despite frustration among traders, the upcoming days promise similar catalysts. The U.S. will release key inflation data, and the Federal Reserve is set to meet to discuss interest rate changes. Optimism arises from Bitcoin gradually securing various support/resistance flips on higher timeframes.
Weekend Calm Amidst Macro Volatility
After a volatile week influenced by macro data, Bitcoin experienced a quiet weekend. The $69,000 mark remains the focal point, with liquidity thickening around the spot price, potentially setting up more volatility. Monitoring resource CoinGlass notes, “Ask liquidity firming up around $70.5K – $71K. Bid liquidity firming up around the low $68.5K – $68K,” as highlighted by trader Skew. Fellow trader Daan Crypto Trades observed that Bitcoin’s price action is guided by the CME Group Bitcoin futures market closing price.
“Market reaction to sweeping either side of the book will be important early this week imo for reversion or continuation trades.”
The upcoming week is crucial, with the Fed interest rate decision and the release of May’s Consumer Price Index (CPI). Both events coincide, heightening risk-asset volatility. Last week’s U.S. employment data, which exceeded expectations, briefly sent BTC/USD down nearly 2%. Trader CrypNuevo outlined two potential scenarios for Bitcoin’s reaction to the new data, emphasizing the impact of the nonfarm payrolls (NFP) print on the recent crypto market.
Key Events and Market Sentiment
The Fed is not expected to cut rates this month, according to the CME Group’s FedWatch Tool. On June 13, the U.S. will release the Producer Price Index (PPI) and weekly jobless claims. Despite economic data shaking the market, such moves tend to be retraced later, as noted by CrypNuevo. The weekly close for BTC/USD was significant, marking Bitcoin’s second-highest close ever at $69,630, despite a last-minute dip.
“Will we retrace the NFP move before FOMC?”
Trader and analyst Matthew Hyland noted that Bitcoin gained 2.7% last week, maintaining the monthly open as support. Daan Crypto Trades stated that a weekly close above the 2021 highs of $69,000 would be a positive sign.
“Could argue that this time $BTC will have a lot more fuel.”
Analyst Rekt Capital highlighted a major resistance/support flip between $58,600 and $61,300, a significant win for the bull market. Rekt Capital suggested that while Bitcoin’s current sideways action might persist, the overall uptrend remains intact. “At the moment, Bitcoin isn’t yet ready to break out into the Parabolic Phase of the cycle,” he reiterated.
“Bitcoin has since developed a Re-Accumulation Range at these highs which resembles a Bull Flag trend continuation pattern.”
Meanwhile, Bitcoin whales continue their “re-accumulation,” with large-volume investors loading up for medium-term profits. CryptoQuant’s Cauê Oliveira observed a pattern of accumulation and distribution impacting pricing. This behavior is expected to intensify in the coming weeks. Last week, long-dormant BTC returning to circulation was also noted, indicating a phase of distribution.
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