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Week Ahead: Crypto market likely to rally after the recent flush

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The recent Bitcoin (BTC) price decline wiped out billions in open interest and triggered a few hundred million in liquidations.

Bitcoin spot ETF market inflows suggest a shift in market sentiment. BTC price needs to clear the $71,000 support level to kickstart the bull run. A breakdown of the $61,000 support level will invalidate the bull run and potentially kickstart a correction. The recent Bitcoin price declinewiped out billions in open interest and triggered a few hundred million in liquidations. With the upcoming events in the crypto and the broader stock market, the chances of a reversal are high.

Here are a few key levels to note: The 4-hour imbalance, extending from $62,994 to $64,733, is a key zone to accumulate BTC. A weekly flip of the $71,000 hurdle will likely kick-start a bullish bias and propel BTC to new all-time highs . Conversely, a breakdown of $61,000 on the weekly support level will likely kick-start a bearish move for the crypto market. BTC/USDT 1-day chart Crypto events this week Monday, June 10: Apple WWDC 2024 Tuesday, June 11: Fetch.

 

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