Bitcoin (BTC) hovered with the $71,000 mark at the June 6 Wall Street open, as traders anticipated a potential liquidity. BTC price action was consolidating below the crucial $72,000 resistance. This level represents the last major barrier before Bitcoin could potentially challenge its all-time highs, a scenario that market participants are keeping a close eye on, especially in light of favorable macroeconomic conditions.
On June 6, significant macroeconomic events bolstered the bullish case for Bitcoin. The European Central Bank (ECB) enacted its first interest rate cut since 2019, and U.S. jobless claims exceeded expectations. Higher-than-expected jobless claims report could be considered good news for Bitcoin.
Although the U.S. Federal Reserve has yet to cut rates this year, the precedent set by the ECB, coupled with record global liquidity, suggests an upside for Bitcoin. QCP Capital noted that upcoming U.S. macro data, including the Consumer Price Index (CPI) for May due on June 12, could further boost Bitcoin:
“A lower than expected jobless claims report tonight and the CPI release next week might potentially be the trigger for a new all-time high for BTC,” the trading firm wrote. “There may also be added momentum to the rally as the market prices in rate cuts.”
With Bitcoin hovering around a critical resistance level and macroeconomic conditions aligning favorably, traders and analysts are closely monitoring key support and liquidity levels. The upcoming U.S. macro data prints could play a significant role in Bitcoin’s near-term price action, potentially paving the way for new all-time highs.