In the US session, Bitcoin experienced a significant drop to $69,000 following the release of strong US NFp figures. MicroStrategy, a company holding a large amount of Bitcoin, is facing major short positions valued at nearly $7 billion, with over 18 active short positions against the company listed by Fintel’s “The Big Shorts.” Despite the decline in short-seller interest, the company’s stock price has tripled over the past six months, with the largest short position amounting to $2.4 billion and MSTR stock surging by 469% in the past year. This decrease in short-seller confidence could indicate a lower risk of a short squeeze.
The US added 272,000 jobs in May, surpassing expectations and impacting Bitcoin prices. The increase in jobs indicates a strong labor market, although the unemployment rate rose slightly to 4%. The growth was celebrated by the White House, highlighting ongoing economic progress. This job growth has influenced Bitcoin prices, reflecting broader economic confidence. However, Wall Street remains concerned about sustained high interest rates, with the Federal Reserve’s upcoming meeting addressing potential rate changes, given the current inflation rate of 3.4%.
Long-term Bitcoin holders are showing renewed interest, with BTC whales accumulating significant amounts and leading to $1 billion in daily inflows over the past month. This demonstrates strong confidence in Bitcoin’s future, with an increase in the balances of permanent holders and large investors, as well as rising Bitcoin purchases from spot ETFs in the USA. This accumulation and renewed interest have contributed to Bitcoin’s price stability, with the potential for further growth above the $68,500 level.
Bitcoin is currently trading at $69,300, just above the pivot point of $68,550, signaling the potential for a bullish Bitcoin price prediction. The Relative Strength Index (RSI) is at 32, indicating an oversold condition, potentially leading to a bullish reversal. Immediate resistance levels are at $69,950, $71,000, and $72,000, while support levels are at $67,600 and $66,600. The 50-day Exponential Moving Average (50 EMA) acts as a resistance level at $70,358.
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