Bitcoin is entering June with a strong stance as it pushes against key resistance levels once again. Will this week be the breakthrough moment that traders have been waiting for?
After being rangebound for nearly three months, Bitcoin’s price momentum is now eyeing the $69,000 mark. While many believe that an upside continuation is long overdue, hodlers might have to exercise patience a bit longer. The upcoming days could be crucial for bulls as they await the release of United States unemployment figures, which have been known to impact risk-asset volatility.
On-chain indicators are signaling a bullish comeback for Bitcoin, and network fundamentals are slowly climbing back towards their all-time highs. As market sentiment and price recover lost ground, the major issues facing Bitcoin traders are being examined as June kicks off.
The week’s “important price” of $69,000 has become a focal point for traders after some weekend volatility. Bitcoin’s price action is currently hovering above this level, and traders are looking for confirmation that it will hold as solid support to pave the way for new all-time highs.
Recent on-chain metrics and technical analysis are pointing towards a potential breakout, with Bitcoin exhibiting patterns similar to those seen in previous bullish phases. The upcoming US unemployment data and Federal Reserve meetings could also have an impact on market dynamics and price movements.
Bitcoin’s price is gearing up for a breakout after its longest consolidation period yet. The comparison between BTC/USD and the US M1 money supply is signaling a potentially bullish trend, with historical data suggesting that a breakout could be imminent.
Miners are adjusting to the changing market conditions, with difficulty levels expected to increase in the coming days. Despite challenges faced by miners, network fundamentals are showing signs of recovery, and the recent withdrawal of a large amount of BTC from exchanges has sparked speculation about a potential supply shock.
Overall, the cryptocurrency market is poised for an eventful month as Bitcoin traders navigate these key developments to determine the future direction of the market. As always, readers are advised to conduct their own research and exercise caution when making investment decisions.