Bitcoin is eyeing potential all-time highs above $115,000 by early July, contingent on continued institutional interest and weaker-than-expected US job data, according to analysts from Bitfinex. Following significant inflows into US spot Bitcoin ETFs, which totaled around $5.24 billion in May, Bitcoin recently peaked at $111,970 before pulling back to $104,823. Despite this pullback, market sentiment remains optimistic, with the Crypto Fear and Greed Index indicating a 'Greed' score of 57 out of 100.
The US Bureau of Labor Statistics is set to release key job data on June 6, which will play a critical role in determining the Federal Reserve's approach to interest rates. Analysts caution that a stronger-than-expected job report could delay rate cuts, boosting the dollar and applying downward pressure on Bitcoin prices. Conversely, a weaker report could support the 'disinflation narrative', prompting the Fed to consider earlier rate reductions, which would be beneficial for Bitcoin.
If job data indicates a robust labor market, analysts suggest Bitcoin might test support around $102,000 or lower, with the possibility of falling below $100,000 and entering a range of $95,000 to $97,000, where accumulation could occur. Despite fluctuating prices, June has historically been viewed as a month where Bitcoin may reach new highs, heightening interest in the upcoming jobs report among traders.
The US Bureau of Labor Statistics is set to release key job data on June 6, which will play a critical role in determining the Federal Reserve's approach to interest rates. Analysts caution that a stronger-than-expected job report could delay rate cuts, boosting the dollar and applying downward pressure on Bitcoin prices. Conversely, a weaker report could support the 'disinflation narrative', prompting the Fed to consider earlier rate reductions, which would be beneficial for Bitcoin.
If job data indicates a robust labor market, analysts suggest Bitcoin might test support around $102,000 or lower, with the possibility of falling below $100,000 and entering a range of $95,000 to $97,000, where accumulation could occur. Despite fluctuating prices, June has historically been viewed as a month where Bitcoin may reach new highs, heightening interest in the upcoming jobs report among traders.
