Bitcoin Price Prediction: June 4, 2024

- Bitcoin (BTC) prices fell to $68,789, a 50% Fibonacci retracement from $70,230.

- BTC is currently trading at $69,100, a less than 0.50% increase.

- Key pivot point is at $68,800, which serves as a critical support level.

- Immediate resistance is at $69,600, followed by $70,300 and $70,900.

- Downside support levels are at $68,400, $67,900, and $67,300.

Federal Reserve and US Dollar:

- Expectations of a Federal Reserve rate cut in September have weakened the US dollar.

- A rate cut would be bullish for BTC.

- US economic data, including the Nonfarm Payrolls (NFP) report on Friday, will be closely watched.

Technical Indicators:

- Relative Strength Index (RSI) is at 60, indicating buying momentum.

- 50-day Exponential Moving Average (EMA) stands at $68,450, reinforcing the buying trend.

- Upward trendline is supporting Bitcoin near the $68,800 level.

- Closing of a Doji candle above this trendline suggests continued upward momentum.

Disclaimer: This post is for informational purposes only and does not constitute financial or investment advice. Always conduct your own research before investing in any financial assets.

#Megadrop #MtGox #StartInvestingInCrypto #ETHETFsApproved #FIT21 $BTC