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Bitcoin's price fluctuated around $70,000, with mentions of it surpassing, falling below, and reclaiming the $70K mark. Over $600 million was liquidated from the cryptocurrency market, and Bitcoin shorts worth $6.3 billion were set to be liquidated at $74,000. The upcoming week is highlighted by significant events such as CPI, FOMC, and PPI releases, with expectations for CPI at 3.4%. Traders are closely monitoring support levels around $67,000 to $64,000 amidst high open interest in futures markets.
📉 #Bitcoin prices hit new June lows, dropping to $66,696, as open interest in futures markets remains high at over $35 billion. Traders are eyeing support levels around $67,000 to $64,000. https://t.co/MoCAGBd6Hh
$6.3 billion worth of #Bitcoin shorts to be liquidated at $74,000 👀 https://t.co/PNknqIGwsL
Tomorrow is going to be a big day. CPI release & FOMC on the same day. Expectations for CPI are 3.4% (same as the April Print). On the FOMC side, rate cuts are not expected but it's what J Powell says about future rate cuts that is important. GL.