As the price of bitcoin weathers the ECB rate cut, it must next hold $70K.

 

The potential attack on liquidity by Bitcoin at the $72,000 price resistance line might be triggered by the European Central Bank’s first interest rate drop in four years.

 

 

 

 

When rate cuts reach Europe, the price of bitcoin stays at $71,000.

TradingView and Cointelegraph Markets Pro data revealed that the price of bitcoin was coiling below critical resistance at $72,000.
This was the last roadblock before an assault on all-time highs, which is still anticipated by market players given how macroeconomic developments have strengthened the case for the cryptocurrency bull market.
On that day, they originated in both the United States and Europe. While US jobless claims exceeded forecasts, the European Central Bank, or ECB, implemented its first interest rate reduction since 2019.
As part of an advance analysis on X, trading site Material Indicators said, “For Jobless Claims: Bad News = Good News.”
Areas of bid and ask liquidity on Binance, the biggest exchange in the world, were displayed in the accompanying chart.

 

 

Prominent trader Daan Crypto Trades continues to believe that before Bitcoin’s upward trend was completed, speculative long and short traders might be shaken out.

 

 

 

Keep an eye out for potential squeezes in the bright yellow areas. Not discounting the possibility of pricing taking one into the other to eliminate both sides before making a decision.

 

 

The founder and CEO of MNTrading, Michaël van de Poppe, indicated that $70,000 was the next fundamental milestone that should hold.
He concluded, “The upward momentum on Bitcoin continues to happen,” and included a helpful chart.
“$70K broke upward, and holding $70K at this point is crucial for continuing to the all-time high.”

 

 

U.S. macro data presents additional opportunity for Bitcoin bulls.
Longer-term outlooks are favourable for Bitcoin and other cryptocurrencies, as Cointelegraph noted, as they gain from global fiscal policy relaxation.

Related: Since the price of $25K BTC, Bitcoin hash ribbons have flashed the first buy signal.
Despite the fact that the US Federal Reserve hasn’t lowered rates yet this year, experts are leaning towards upside due to the ECB’s clear precedent and record levels of global liquidity.

Trading company QCP Capital informed Telegram channel followers on the day that “a lower than expected jobless claims report tonight and the CPI release next week might potentially be the trigger for a new all-time high for BTC.”
“The market pricing in rate cuts could also give the rally more impetus.”

QCP made mention to impending U.S. macrodata prints that provide information on inflation trends, such as the Consumer Price Index (CPI) print for May, which is scheduled for release on June 12.
The Fed will also convene on that day to confirm any changes to interest rates.