Bitcoin surged to $71,000 as Wall Street opened on June 6, with traders keeping a close eye on potential liquidity concerns. The price of BTC hovered around $71,000, just below the key resistance level of $72,000, signaling a possible push towards all-time highs. Both the United States and Europe contributed to the bullish sentiment, with the European Central Bank cutting interest rates for the first time since 2019 and US jobless claims exceeding expectations.
Market analysts noted that the price of Bitcoin could continue its upward trend after a period of consolidation. Speculative traders on both sides of the market might be shaken out before a significant move in either direction. According to popular trader Daan Crypto Trades, price movements have been sideways as liquidity builds up on both sides.
Michael van de Poppe, CEO of MNTrading, identified $70,000 as a critical support level for Bitcoin’s ongoing upward momentum. Meanwhile, US macroeconomic data provided further opportunities for Bitcoin bulls as fiscal policies around the world loosened.
The US Federal Reserve has not yet cut rates this year, but the precedent set by the ECB, along with ample global liquidity, has led many to anticipate further upside potential for Bitcoin. Trading firm QCP Capital suggested that upcoming US macroeconomic data releases, such as the Consumer Price Index (CPI) for May and the Fed meeting on June 12, could serve as catalysts for a new all-time high for BTC.
It is important to note that this article does not offer investment advice, and readers should conduct their own research and analysis before making any financial decisions.