Bitcoin Bulls Eyeing $74,000 As Global Liquidity Breaks $90 Trillion

Bitcoin is in an uptrend, trading above $70,000. However, BTC bulls must break $72,000 for any chance of the coin to hit March 2025 highs

Dalmas Ngetich•Thursday, June 6, 2024•1 min read

Bitcoin bulls are relentlessly pushing higher at spot rates, soaking any attempt for lower lows. The immediate roadblock lies at $72,000. If broken, BTC will likely fly to as high as $74,000 in a welcomed buy trend continuation formation. How today’s candle closes will be crucial in determining the short-term trajectory. This will especially be the case now, especially as the market is buoyant, expecting a break above stubborn liquidation lines.

At press time, Bitcoin is stable on the last trading day but up 5% in the previous week. Rising prices have seen trading volume stabilize above $36 billion, which is just within the average. In the coming days, it will be critical for bulls to press on, breaching $72,000. In that event, the odds of engagement bursting will also be elevated, a net positive.

Bitcoin Daily Chart for June 6

The following Bitcoin news developments will likely shape price action:

Analysts note that global liquidity is at fresh all-time highs, breaking above the 2021 levels. At well over $90 trillion, it means central banks are printing more and more money. The last time they did this, BTC prices soared, registering new all-time highs in Q4 2021.
Chartists have picked short stop losses running into billions above $72,000 all the way to all-time highs. If they are broken today, the resulting short squeeze, they project, will lift the coin towards $75,000 or higher.

Bitcoin Price Analysis

BTC/USD is in a clear uptrend.

The close above $66,000 and $70,000 was crucial for bulls. As prices trend in fresh Q2 2024 highs, the probability of Bitcoin racing above $74,000 remains high.

For now, traders can look for entries on dips above the support zone emerging at $66,000 and $70,000.

The immediate target will be $73,800, or March 2024 highs.

Any unexpected crash below $66,000 or the lower limit of the support zone will cancel this preview.