Bitcoin Price Forecast Bullish Momentum Drives BTC Towards 70000 Key Levels to Monitor Next

Bitcoin Price Prediction: Bulls Aim for $70,000 – Key Levels to Monitor Next
As the US trading session unfolded, Bitcoin, the top cryptocurrency, flirted with the $71,000 threshold before slipping back, forming a spinning top candle on the 2-hour chart, hinting at a possible reversal.
This led to a minor pullback, with Bitcoin currently hovering around $70,250.
Meanwhile, in the US job market, the number of job openings has dropped for the second consecutive month, hitting a three-year low.
The latest Job Openings and Labor Turnover Survey (JOLTS) report revealed that there were 8.06 million job openings in April, down from 8.36 million in March, marking the lowest level since February 2021. Economists had anticipated the figure to stay at 8.36 million.
This decline indicates a cooling labor market, impacting Bitcoin prices. A weaker job market can result in reduced consumer spending and economic uncertainty, prompting investors to turn to alternative assets like Bitcoin.
Therefore, the Bitcoin price forecast suggests further bullish momentum as investors seek refuge amid economic uncertainties.
Bitcoin Price Forecast: June 4, 2024 (US Session)
Bitcoin recently broke out from a symmetrical triangle pattern at $69,000, signaling a potential continuation of the bullish trend and supporting a positive Bitcoin price prediction.
The pivot point at $68,450 is a crucial level to keep an eye on.
Key resistance levels to watch include $71,200, followed by $71,900 and $72,600.
The bullish engulfing candle on the 2-hour chart adds weight to the possibility of an upward move.
However, with the Relative Strength Index (RSI) at 66.95 showing overbought conditions, a short-term pullback may be on the cards.
On the downside, immediate support is at $69,600, with significant support levels 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 importance of the pivot point.
In summary, Bitcoin’s recent breakout and bullish candlestick pattern suggest further upward potential, but caution is advised due to the overbought RSI. Keep an eye on key levels like the pivot point at $68,450 and immediate resistance at $71,200 for potential market movements.
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