Bitcoin Price Prediction as Bulls Push BTC Toward $70,000 – Here are Levels to Watch Next
During the US session, the leading cryptocurrency, Bitcoin, continued to flirt with the $71,000 level. However, it failed to sustain above this level, closing as a spinning top candle on the 2-hour timeframe, indicating a potential reversal.
This has caused a minor correction, and currently, Bitcoin is trading at the $70,250 level.
On the fundamental front, the number of job openings in the US has fallen for the second consecutive month, reaching a three-year low.
According to the latest Job Openings and Labor Turnover Survey (JOLTS) report, there were 8.06 million job openings in April, down from 8.36 million in March and the lowest since February 2021. Economists had expected the number to remain at 8.36 million.
🚨Job Openings 3 Year Low
Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey (JOLTS) report found, “On the last business day of April, the number of job openings changed little at 8.1 million; this measure was down by 1.8 million over the year. The rate was… pic.twitter.com/mHvMLhU3mx
— Truflation (@truflation) June 4, 2024
This decline signals a cooling labor market and has a direct impact on Bitcoin prices. A weakening job market can lead to reduced consumer spending and economic uncertainty, which often drives investors towards alternative assets like Bitcoin.
Consequently, the Bitcoin price prediction suggests further bullish momentum as investors seek safer havens amid economic concerns.
Bitcoin Price Prediction: June 4, 2024 (US Session)
Bitcoin has recently experienced a breakout from a symmetrical triangle pattern at the $69,000 mark, suggesting the possibility of a continued bullish trend, hence keeping Bitcoin price prediction bullish.
The pivot point, marked by the green line, is positioned at $68,450, serving as a critical level to watch.
On the upside, immediate resistance is identified at $71,200, followed by additional resistance levels at $71,900 and $72,600.
🚀 Bitcoin bulls are eyeing $71K! After a breakout from the $69K symmetrical triangle, the price prediction remains bullish. Keep an eye on key levels: pivot at $68,450, immediate resistance at $71,200, and supports at $69,600 & $68,450. RSI hints at a possible pullback. 📈#BTC pic.twitter.com/1ogjbZEfcP
— Arslan Ali (@forex_arslan) June 4, 2024
The bullish engulfing candle on the 2-hour timeframe further supports the potential for upward movement.
However, the Relative Strength Index (RSI) at 66.95 indicates overbought conditions, which may lead to a short-term pullback.
On the downside, immediate support is found at $69,600. If this level fails to hold, the next significant supports are at $68,450 (pivot point) and $67,500.
The 50-day Exponential Moving Average (EMA) at $68,457 acts as a dynamic support level, reinforcing the pivot point.
In conclusion, Bitcoin’s recent breakout and bullish candlestick pattern indicate the potential for continued upward movement.
However, the overbought RSI suggests caution, as a short-term correction could be on the horizon. Key levels to monitor include the pivot point at $68,450 and the immediate resistance at $71,200.
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