Hassan Maishera
TL;DR
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BTC has failed to surge past the $72k resistance level after adding less than 1% to its value.
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Analysts are optimistic that BTC could surge higher as Fed, U.S. data, and global rate cuts are anticipated next week.
BTC Stays Above $71k But Could Rally Higher Soon
The cryptocurrency market has performed well so far this week but market analysts believe that it could go higher in the near term. BTC, the world’s leading cryptocurrency by market cap, is up by less than 1% in the last 24 hours and is currently trading above $71k per coin.
$BTC Spot CVDs
— Skew Δ (@52kskew) June 6, 2024
Pretty unison selling between binance spot & coinbase spot
wonder who the counter party is here (buyers) https://t.co/BGumRqDSj0 pic.twitter.com/4T5fRyKkQr
Bitcoin failed to surge past the $72k resistance level on Tuesday despite net inflows into spot Bitcoin exchange-traded funds (ETFs) in recent days. Market analyst Skew pointed out that spot selling activity on crypto exchanges Binance and Coinbase and short positions on derivatives marketplaces are halting BTC’s price from surging higher.
Central banks have started easing monetary policies thanks to positive inflation data in recent weeks. The European Central Bank and the Danish Central Bank both cut benchmark rates by 25 basis on Thursday while the Bank of Canada lowered interest rates earlier this week.
The US Federal Reserve has maintained its interest rate in recent months and experts believe any monetary easing could be in 2025. These macroeconomic indications could lead to BTC surging higher in short to medium term.
