Bitcoin is still holding at the daily support level

Bitcoin is holding at its daily support level, indicating strong buying interest. Key levels to watch include the $70,500 resistance. This week is crucial with the CPI index release on Wednesday and the Federal fund rate announcement on Thursday, which could drive Bitcoin towards $74,000 or $80,000.

6/10/20241 min read

Bitcoin price chart showing stability at the daily support level and key resistance at $70,500, with
Bitcoin price chart showing stability at the daily support level and key resistance at $70,500, with

Bitcoin is still holding at the daily support level, indicating strong buying interest and stability at this price point. We expect it to move upwards with a favorable risk-to-reward ratio, suggesting that the potential gains outweigh the risks involved. The key level to watch is the daily resistance at $70,500, which Bitcoin aims to break.
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This week is a crucial one for Bitcoin.
Wednesday: CPI index will be released.
Thursday: Federal fund rate announcement.
A significant volume of trades is awaiting these decisions.
Currently, the price is moving close to the 2020 ATH (All-Time High). If the news is positive, the price could reach the high liquidity zone of $74,000 and potentially $80,000, where a substantial amount of liquidity ($10 billion) has accumulated.