Key Highlights
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$69,000 Resistance: Key level for BTC this week.
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US Unemployment Data: Crucial economic indicators coming up.
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Breakout Potential: BTC set for a historic move.
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Mining Activity: Miners adjusting to new conditions.
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Kraken Withdrawal: Significant BTC outflow from Kraken.
Bitcoin heads into June strong, with key resistance levels back in focus. Analysts are increasingly confident that BTC is gearing up for a historic breakout. According to news on Coin Telegraph, here's what you need to know this week.
$69,000 Forms the Week’s Key Level
BTC/USDT 5D price chart | Source: KuCoin
Bitcoin saw some volatility over the weekend, but BTC/USD is back above $69,000. Traders see this level as crucial. Popular trader Skew notes that the market needs to sustain above $69,000 for continued upward momentum.
Unemployment Data Precedes FOMC Week
The week kicks off quietly in terms of macroeconomic data. However, U.S. jobless claims on June 6 and further unemployment numbers the day after could spark volatility. These figures are closely watched, as they influence the Federal Reserve's policy decisions. The next Federal Open Market Committee (FOMC) meeting will provide more clarity on interest rates.
BTC Price Preps Breakout from ‘Longest Consolidation Yet’
Bitcoin is aligning with the U.S. M1 money supply, hinting at a significant breakout. Popular analyst TechDev highlights that Bitcoin has historically seen major surges after such alignments. This breakout follows the longest consolidation period in Bitcoin's history, suggesting a uniquely volatile move ahead.
Mining Activity and Network Fundamentals
Bitcoin’s network fundamentals are recovering after a dip in May. The difficulty level is set to increase by 1.7% on June 6, following a previous 1.5% rise. Despite these improvements, Bitcoin miners are facing tough conditions, selling off BTC post-halving. Miner balances have decreased by 2,500 BTC in the last 30 days.
Kraken Sees Giant 48,000 BTC Withdrawal
Kraken experienced nearly 50,000 BTC ($3.44 billion) withdrawals on May 30 and 31. This marks one of the largest daily withdrawals from Kraken. Market observers see this as a potential supply shock, suggesting a bullish outlook for BTC.
Bitcoin is showing strong potential for a historic breakout. Key resistance levels, upcoming economic data, and significant network activity all point to an exciting week ahead. Keep an eye on these developments as the week progresses.
