June 7, 2024

Yesterday's data showed a small correction in the price of Bitcoin, which was in a consolidation state for most of the day. Although the price of Bitcoin briefly tested $71,650.23 in the evening, the support level was $70,117.64, just above the key $70,368.89 level. This morning's data shows that the price of Bitcoin is biased towards bullish consolidation.

Net outflows of about $7.73 billion yesterday. The key resistance level today has moved to $71,800. To further unlock the upside potential, BTC needs to effectively break through this level. Early data points indicate a test of around $70,007.59, with potential price action as high as $71,800.

Technicals: The short-term range is $68,720.45-72,330.96, and the market may fluctuate after the release of US non-farm payrolls later today. The data release may cause large price fluctuations, and may even exceed the expected range.

Funding flow support is between $69,241.96 and $68,720.45.

Daily indicators: 90% bullish, 10% bearish.

Long-short ratio: 1.08, slightly bullish.

Funding rate: 0.0057-0.01%, below average.

Futures open interest: $377. 2B, stable.

Greed index: 77, departure rate: 11%.

Overall, BTC will still hover in a narrow range of $70,007.5 to $71,800, awaiting the US non-farm payrolls data. BTC may break out of this range based on the data released. Although daily data limits short-term upside, the overall long-term trend remains bullish.

Macro: The European Central Bank cut interest rates by 25 basis points to 4.25%, the first since 2019, and raised inflation expectations. ECB officials ruled out the possibility of a second rate cut in July. The US Challenger and unemployment claims data had little impact, and the focus is now on tonight's non-farm payrolls report.