June 5, 2024

Yesterday, BTC showed strong upward momentum, with both pivot flow and money flow supporting the price. It broke through the upper limit of $70,950 to $70,999 and briefly touched $71,063 at 2 a.m. before a small pullback. The upward breakout trend remains intact.

Net inflow of about $10.12 billion. The price action in the early morning pushed up the upper limit, lifting the key level. Today's upper limit extends to $71,473.30, with weak resistance. Continued strong data and bullish bias indicate that the probability of a further breakout to $73,522.80 is high.

Technical: MACD turned positive, showing that the data is recovering. The price is about to break through the previous negative divergence resistance line, and if it breaks, there is potential for further gains.

Money flow support is $68,451.20.

Daily indicators: 90% bullish, 10% bearish.

Long-Short Ratio: 0.97, favors bulls.

Funding Rate: 0.0046-0.0253%, bullish sentiment.

Futures Open Interest: $369.9 billion, up 5.7% from yesterday.

Greed Index: 75, Departure Rate: 15%.

Overall, BTC has entered the upper range, pushing key levels higher. As the bullish bias persists, a breakout seems likely and could extend the upside to $73,522.80. The long-term trend remains bullish, and short-term technicals suggest further gains.

Macro: U.S. job openings fell to the lowest level since 2021 in April, indicating a cooling labor market. This boosted market confidence in a September rate cut, with futures showing a 55.3% probability of a rate cut. Focus on macroeconomic data.