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.
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