Will BTC Price Reach $80,000 With The FOMC Meet This Week?
Bitcoin's price has slowed down after the U.S. Labor Department's employment data release, dropping below $70,000. The market faces resistance with mixed sentiments ahead of the FOMC meeting on June 12th.
BTC currently trades at $69,533 with minimal movement and shrunk volumes over the weekend. The price trend is testing the support trendline, and an inverted head and shoulder pattern suggests a potential bullish breakout.
Bitcoin's funding rate is at 0.00971315, with open interest rising to $19.1 billion. The derivatives market shows signs of an uptrend. A bullish rally could target $81,873, but the FOMC meeting poses a risk. A crash could test the 50D EMA at $66,961.
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