June 6, 2024

Yesterday, BTC tested $71,473.3 several times during the day, briefly broke through in the evening, and fell back after reaching a high of $71,758. Despite the volatility, today's data and trend are still bullish, and the increasing points indicate the potential for further gains.

Net inflow of about $10.07 billion. Continued capital inflows and high bullish sentiment have boosted the overall data and levels. The early resistance level will move to $71,650.23, and there may be a small adjustment. If the volume and capital inflows continue, the price may reach $72,368.36.

Technical: With the continuous inflow of funds and the continuous increase in data points, the trend is bullish. The current support level is between $69,157.03 and $70,368.89. Despite a small price correction, it is still expected to break through and continue the upward trend to a new target area.

Funding flow support is $69,157.03 to $68,411.13.

Daily indicators: 90% bullish, 10% bearish.

Long-short ratio: 0.93, favoring bulls.

Funding rate: 0.0066-0.0126%, bullish sentiment.

Futures open interest: $376.7 billion, up 1.62%.

Greed index: 78, turnover rate: 15%.

Overall, BTC has a strong upward momentum, and trading volume and capital inflows have driven price space to expand. Prices may face daily data structure restrictions, but they are still inclined to rise further after an effective breakthrough. Stay bullish while managing positions.

Macro: The number of ADP jobs in the United States increased by 152,000 in May, the smallest increase since January, indicating a cooling trend in the economy, which boosted market expectations for a rate cut in September. Futures show a probability of a rate cut of 57.2%, and 2/3 of economists in a Reuters survey expect a rate cut in September.