June 11, 2024

Yesterday's data showed that Bitcoin prices saw a small adjustment and were in a consolidation state for most of the day. Although Bitcoin prices briefly tested $71,650.23, they still found support at $70,117.64. This morning's data shows that Bitcoin prices are biased towards bullish trends and further consolidation.

Net outflows of about $7.73 billion yesterday. Today's key resistance level has moved to $71,800. To further release 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 movements as high as $71,800.

Technical: BTC continues to extend the trend of expanding data structure. Affected by the upward flow of funds, the short-term range is $68,720.45-72,330.96. There is a certain fluctuation space before and after the release of today's US non-farm payrolls data, which may push BTC out of the expected range.

Fund flow support; $69,241.96 - $68,720.45.

Daily indicators: 90% bullish, 10% bearish.

Long-short ratio: 1.08, slightly bullish.

Short-term market: 48.5% bullish, 51.5% bearish, slightly bearish advantage.

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

Greed index: 77, departure rate: 11%.

According to the data, BTC may break out of the range. Although the daily data limits the short-term upside, the overall long-term trend remains bullish. Maintain a bullish stance, but manage positions carefully.

Macro: The ECB 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 is now focusing on tonight's non-farm payrolls report. Some believe that the actual data may be weaker than expected.