"Given a 10% chance of a 100 times payoff, you should take that bet every time." - Jeff Bezos
BTC continues to trade in its range between $60k and $72k while ETH is fighting with resistance at $4k. With the price remaining completely stagnant and indicators showing weak bullish momentum, this could be indicative of a trend where future weekends might similarly lack movement.
The main reason why risk-on markets (such as crypto) are trading a little bit cautiously these days is the upcoming FOMC meeting on June 12th. Although it’s unlikely, the FED could deviate from its current trajectory and start cutting interest rates sooner than planned, causing short-term market turbulence and high volatility.
Figure 1: Most popular BTC market indicators.
On the four-hour chart, BTC has been rallying and is attempting to challenge key resistance levels at $70k and $73k. A break above these levels would be a very bullish signal. Short-term pullbacks are being treated as buying opportunities, with the $67k level proving to be a reliable support.
Given the strong support at $67k and the ongoing interest from institutional investors, the strategy appears to be buying dips rather than selling. This approach is underpinned by the belief that BTC’s recent consolidation has built a solid foundation for further upward movement. If BTC breaks above $73k, it could signal a significant bullish trend continuation.
Figure 2: BTC’s price, CVD, OI and Average Predicted Funding Rate.
BTC’s open interest has increased by 6.6%, which could indicate potential market instability. As BTC approaches the significant resistance level at $70k, the rapid rise in OI might lead to increased volatility or a reversal if not supported by sustained buying pressure. The heatmap shows a liquidity area around $70k acting as resistance, with another liquidity zone around $66k offering potential support in case of a pullback...
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