The price of Bitcoin (BTC) at the beginning of this week stands at $69,015, showing a slight increase compared to last week’s $68,514. The next higher resistance levels are identified at $69,387 and $71,888, while the next lower support levels are seen at $67,423 and $66,044, as determined by Fibonacci indicators.
Market-Moving Events to Watch for This Week
As we delve into the week ahead, several key macroeconomic events are poised to exert influence on Bitcoin prices. Here’s a brief overview of the main events and their potential impact on the crypto market:
- Monday, June 3, 2024: USA, ISM Manufacturing Prices (May) (Expected value: 60.0). A favorable reading may offer support to Bitcoin prices as economic strength often correlates with increased interest in cryptocurrencies.
- Tuesday, June 4, 2024: USA, JOLTs Job Openings (Apr) (Expected value: 8.400M). Higher-than-expected job openings could signal a robust economy, potentially boosting investor confidence in Bitcoin.
- Wednesday, June 5, 2024: USA, ISM Non-Manufacturing Prices (May) (Previous value: 59.2). An uptick in non-manufacturing prices might translate to heightened market activity, affecting Bitcoin’s price dynamics.
- Thursday, June 6, 2024: EU, ECB Interest Rate Decision (Jun), (Expected value: 4.25%). Any adjustments in the ECB’s interest rates could reverberate across financial markets, including the cryptocurrency sector.
- Friday, June 7, 2024: USA, Unemployment Rate (May), (Expected value: 3.9%). Fluctuations in the unemployment rate can impact consumer spending and overall market sentiment, potentially reflecting in Bitcoin price movements.
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Disclaimer
It’s important to note that the information provided is not intended as financial advice. The views expressed here solely represent the writer’s opinion based on the outlined market events. As with any investment, conduct thorough research and consider personal circumstances before making decisions in the volatile world of cryptocurrencies.
