$BTC

Bitcoin Price Poised To Move Higher

Bitcoin price slipped below $60,000 after tapping out marginally above $61,000 yesterday. The largest cryptocurrency benefited from a bullish futures market, but the uptrend was unsustainable, with liquidity being an ongoing challenge in global markets.

Despite the evident downside risks, BTC price holds above the previous day’s open. With the 20-day and the 50-day EMAs likely to provide immediate support at $59,400, traders should be cautious to avoid a potential bear trap.

Based on BTC price prediction, traders anticipate a potential breakout to the upside when the coin consolidates above a crucial support area during a Bollinger bands squeeze. In this case, support at $58,000 presents buying opportunities aiming for the $62,000 hurdle, which, if broken, may pave the way for gains toward $70,000.

Traders must also temper expectations before a preliminary annual revision estimate of US nonfarm payrolls. The Fed will revise job growth from last year, which, according to economists, may arrive weaker than previously estimated. A larger downward revision could reignite inflation fears and drive investors away from risk assets like Bitcoin.

Traders cannot ignore the lack of liquidity in the market, and this situation could continue until September, when the Fed lowers interest rates. Therefore, it may be wise to prepare for DCA toward $56,000 or even $54,000, taking advantage of the dips and maximizing gains in recovery.