Second Week of June Becomes Important Moment for Bitcoin Rally

Liputan6.com, Jakarta – Bitcoin price is having difficulty approaching its all-time high of USD 75,000 and is still consolidating. On Friday, BTC briefly dipped below USD 70,000, and if the current price support level is broken, a deeper correction can be expected.

Tokocrypto trader, Fyqieh Fachrur explained in technical analysis, the USD 69,000 support zone is currently holding back BTC, preventing it from falling back into the channel and towards the USD 60,000 level.

While many traders and investors believe, if the market somehow breaks above the resistance level of USD 72,000, a rally towards the record high of USD 75,000 and even beyond is in the offing.

According to Fyqieh, this week will be an important momentum for the continuation of Bitcoin's rally. Notably, the week started off well with anticipation surging over Bitcoin hitting a new high, matching previous predictions of USD 75,000.

“However, after the strong US Employment Data on Friday, sentiment has changed which shows a hawkish attitude towards the Fed,” said Fyqieh in a written statement, quoted Tuesday (11/6/2024).

Fyqieh added, Amid this volatile market scenario, crypto market investors will continue to monitor key inflation figures for this week, with the US Consumer Price Index (CPI) for May scheduled for Wednesday.

CPI being the main measuring tool for measuring price changes, will provide a clear picture of the current level of inflation in the US. Additionally, the US Producer Price Index (PPI) and Core PPI are other important metrics to analyze inflation trends in the country.

Notably, the US PPI data and Core PPI inflation data for May are expected to be released on Thursday. These two data may determine the Fed's future stance regarding its interest rate plans.

“After last week's mixed US Jobs data, this data will provide crypto market investors as well as the broader financial sector with more insight into how the Fed will address inflationary pressures,” he explained.

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