Based on the latest available data, here's a detailed explanation of Bitcoin's price prediction and technical analysis for June 4, 2024:

Price Prediction:

- Bitcoin's price was predicted to decrease by 28.28% in the next month and reach approximately $88,814 on July 4, 2024³.

- However, it was also forecasted to gain 58.22% in the next six months and reach around $109,543 on December 1, 2024³.

Technical Analysis:

- On June 4, 2024, Bitcoin's price fell below $69,000 during the European morning after briefly topping $70,000 late on the previous Monday¹.

- The market sentiment was bullish as the number of net accumulating BTC addresses grew over the past month, indicating increasing bullish sentiment¹.

- The technical analysis suggested that Bitcoin was still within a medium-term range between $60,000 and its highest historical level close to $73,500⁵.

- Bitcoin had regained its resistance identified around $71,000 – $72,000 but lost momentum while regaining $67,000, which seemed to act as support⁵.

- The upper part of the consolidation was identified around $70,000, with recent rejections at this level⁵.

- The medium and long-term trend remained bullish, as demonstrated by Dow theory and the 50 and 200-day moving averages, which were below the current Bitcoin price and trending upwards⁵.

- Oscillators and the price itself showed that the bullish dynamics of the cryptocurrency were regaining strength but remained feeble⁵.

Market Observations:

- The open interest of Bitcoin perpetual contracts evolved almost in parallel with the cryptocurrency price, indicating a sentiment predominantly geared towards buying by speculators⁵.

- A positive funding rate reflected a price discrepancy between BTCUSDT contracts and their underlying asset, likely due to upward pressure⁵.

- Liquidation heatmaps indicated two major points of interest for investors: above, between $72,000 and $74,000, and below, between $65,000 and $67,000⁵.

Please note that these predictions and analyses are based on current market trends and algorithms, which can be influenced by many unpredictable factors. It's always recommended to do your own research and consider seeking advice from financial experts before making any investment decisions.

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