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Bitcoin analysts are gearing up for a break toward the $30,000 mark, but what will BTC price action offer in the coming days? 3568 Total views 22 Total shares Listen to article 0:00 Markets News Join us on social networksBitcoin (BTC) starts the second week of June in familiar territory, but a breakout is coming, investors say.

After a calm weekly close, BTC/USD is firmly in its established trading range, while under the hood, market participants are preparing for some dramatic shifts.

It has been a long time coming, and for seasoned traders, the signs are increasingly pointing to volatility making a comeback.

There is little by way of macroeconomic triggers due this week, making the focus shift elsewhere for cues as to what BTC price action might do in the short term.

The on-chain analysis provides other interesting insights, reinforcing the idea that for Bitcoin currently, the only boring part is the spot price.

Cointelegraph looks at the key factors at play as BTC/USD hovers around $27,000 for another week.Weekly close preserves key trend line

BTC/USD may not have inspired with its latest weekly close, but some popular traders are seeing new grounds for optimism.

Despite remaining firmly in its narrow trading range, as confirmed by Cointelegraph Markets Pro and TradingView,the chances of a breakout toward $30,000 are increasing.BTC/USD 1-day candle chart on Bitstamp. Source: TradingView

Feels like its a matter of time until Bitcoin finally breaks that 30k level once and for all, trader Jelle wrote in part of his latest analysis.

Jelle, like others, noted that the 200-week moving average (MA) a key support line remained intact.BTC/USD annotated chart. Source: Jelle/ Twitter

Also intact were various support structures on trader and analyst Rekt Capitals radar covering daily timeframes.

So far, so good, he summarized, about an exit higher, potentially invalidating a bearish head-and-shoulders structure from the previous weeks.

#BTC successfully retesting not just the top of the red downtrending channel but also the bottom of the red box

So far, so good$BTC #Crypto #bitcoin https://t.co/a0VCL61Qvm pic.twitter.com/V7SnIMlpJZ— Rekt Capital (@rektcapital) June 4, 2023

An additional tweet mentioned a successful retest of support in the offing.

BTC broke down from a head and shoulders pattern in May. But theres classic whipsaw action around the neckline, trading account Game of Trades nonetheless acknowledged. The pattern remains valid unless the price moves above the right shoulder.

An accompanying chart gave a potential downside target of just $24,000 for BTC/USD due to the head-and-shoulders pattern.

Others looked for less movement, such as trader Crypto Tony, who eyed $25,300 as a possible destination, subject to $28,350 staying unflipped as resistance.

$BTC / $USD – June / July plan

So right now we are consolidating following the drop from the 14th April high. I am looking for

– $25,300 target to look for longs
– Must remain below $28,350 for the downside target
– Combo corrective pattern

I will update daily as always pic.twitter.com/Q93mr4hjGH— Crypto Tony (@CryptoTony__) June 4, 2023 Macro lull comes as traders eye dollar rebound

In an unusual week of calm for traders, June 59 will see little by way of macroeconomic data coming out of the United States.

With the debt ceiling debacle left behind, the next potential volatility catalysts will come in the form of macro reports for May, such as the Consumer Price Index (CPI) print; however, these are not due for another week.

With that, attention is focusing on oil production cuts from Opec+ members as prices continue to fall despite existing reductions in output.U.S. Dollar Index 1-day candle chart. Source: TradingView

Meanwhile, a more direct potential headwind for Bitcoin and crypto comes in the form of the U.S. dollar.

The strength of the greenback has been forming a rebound since the start of May, and since then, the U.S. Dollar Index (DXY) traditionally inversely correlated with risk assets has gained around 3.5%.

Popular analyst Matthew Hyland noted increasing relative strength index (RSI) scores for DXY on weekly timeframes.

DXY Weekly opens: pic.twitter.com/nRIGyKm4tl— Matthew Hyland (@MatthewHyland_) June 4, 2023

Fellow trader Skew flagged 104.7%, the current June high, as a critical level to close above to form a bullish DXY trend.

Strong close & moving higher in early EU trading session, he commented on the day. If USD closes above $104.7, I would consider that as USD strength. So far this looks risk off but we see later on.

$DXY 1D
Strong close & moving higher in early EU trading session.

if USD closes above $104.7, I would consider that as USD strength.

So far this looks risk off but we see later on. https://t.co/F28baIv2JV pic.twitter.com/3SLDs5wtos— Skew ? (@52kskew) June 5, 2023

Over the weekend, meanwhile, TraderSZ described DXY as bullish until proven otherwise.Stocks buoy bullish crypto case

The debt ceiling resolution had an immediate cathartic effect on equities, but crypto markets have broadly failed to copy their enthusiasm.

This may still change, market participants argue, as the S&P 500 hits 10-month highs.

The US House has passed a key debt ceiling deal, launching the #SP500 to its highest price since August. Altcoins like $LTC, $LEO, and $FGC have jumped today, research firm Santiment wrote on June 2.With crypto lagging behind equities, there could be some $BTC catch-up time coming soon.Crypto vs. macro comparison. Source: Santiment/ Twitter

An accompanying chart also tracked a rebound for gold, this nonetheless short-lived, with a retracement setting in to mark the new week.

As Cointelegraph reported, others were also eyeing a positive correlation between Bitcoin and a resurgent S&P 500.Bitcoin hodlers comfortably in profit

Its easy to feel that the Bitcoin rally is over, but the facts say its not, popular technical analyst CryptoCon wrote in findings last month.

At the time, BTC/USD was almost $1,000 higher than current levels, but enthusiasm was just as lacking.

CryptoCon was analyzing the state of Bitcoin holder profitability, using the net unrealized profit/loss (NUPL) metric created in 2019 by entrepreneur and analyst Tuur Demeester and others.

For the past several months, NUPL has stayed practically stationary around a value of 0.25, indicating that overall, the BTC supply is modestly in the black.

NUPL measures the difference between unrealized profit and unrealized loss. It is calculated by gathering unspent transaction outputs (UTXOs) and comparing how much coins are worth now with when they last moved on-chain.

Any value above zero indicates that the network is in a state of net profit, while values below zero indicate a state of net loss. In general, the further NUPL deviates from zero, the closer the market trends towards tops and bottoms, analytics firm Glassnode explainedin an introduction.

While calm in recent months, NUPL has delivered an uptrend retest, which is cause for confidence, CryptoCon now says.

31k was not the end, hope youre ready! he concluded in an update this weekend.

An accompanying chart of NUPL showed its behavior versus investor sentiment at various stages over the past 10 years.

#Bitcoin has seen a lot of sideways price action recently, but during that time two very important things have happened on the NUPL:

– Retest of trend
– Support made on Hope / Fear sector

The next step, a leap to the belief/denial range

31k was not the end, hope you're ready! pic.twitter.com/yi1GMO1hri— CryptoCon (@CryptoCon_) June 4, 2023 Largest Bitcoin whales at center of dichotomy

On the topic of investor sentiment, the current view of the market varies heavily between classes of hodlers.

Related:Bitcoin big move due in July after March $30K push Latest analysis

As noted by Glassnode, most remain risk-off on Bitcoin; since May, selling has dominated despite the lack of capitulatory events.

The one excepion, it appears, is the largest class of Bitcoin whales.

Uploading a chart of accumulation versus distribution adjusted by cohort, Glassnode showed that wallets holding at least 10,000 BTC are adding to their positions while everyone else is reducing exposure.

An interesting dichotomy across the Bitcoin Accumulation Trend Score persists, as the largest of Whales (>10K BTC) continue to aggressively accumulate, whilst all other major cohorts experience heavy distribution, researchers commented.

The last accumulation phase from these mega whales was in late 2022, with BTC/USD beginning its 2023 rebound weeks later.

The whales then paused in mid-January, entering a distribution phase of their own before flipping back to accumulation in May.Bitcoin trend accumulation score by cohort chart. Source: Glassnode/ Twitter

Magazine:Home loans using crypto as collateral: Do the risks outweigh the reward?

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. # Bitcoin # Dollar # Bitcoin Price # Markets # Inflation

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Politics

Unite votes to suspend Angela Rayner over Birmingham bin strike

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Unite votes to suspend Angela Rayner over Birmingham bin strike

Labour’s largest union donor, Unite, has voted to suspend Deputy Prime Minister Angela Rayner over her role in the Birmingham bin strike row.

Members of the trade union, one of the UK’s largest, also “overwhelmingly” voted to “re-examine its relationship” with Labour over the issue.

They said Ms Rayner, who is also housing, communities and local government secretary, Birmingham Council’s leader, John Cotton, and other Labour councillors had been suspended for “bringing the union into disrepute”.

There was confusion over Ms Rayner’s membership of Unite, with her office having said she was no longer a member and resigned months ago and therefore could not be suspended.

But Unite said she was registered as a member. Parliament’s latest register of interests had her down as a member in May.

Politics latest: Italy and other EU countries have ‘huge doubts’ about legality of UK migrant deal

The union said an emergency motion was put to members at its policy conference in Brighton on Friday.

More on Angela Rayner

Unite is one of the Labour Party’s largest union donors, donating £414,610 in the first quarter of 2025 – the highest amount in that period by a union, company or individual.

The union condemned Birmingham’s Labour council and the government for “attacking the bin workers”.

Mountains of rubbish have been piling up in the city since January after workers first went on strike over changes to their pay, with all-out strike action starting in March. An agreement has still not been made.

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Rat catcher tackling Birmingham’s bins problem

Ms Rayner and the councillors had their membership suspended for “effectively firing and rehiring the workers, who are striking over pay cuts of up to £8,000”, the union added.

‘Missing in action’

General secretary Sharon Graham told Sky News on Saturday morning: “Angela Rayner, who has the power to solve this dispute, has been missing in action, has not been involved, is refusing to come to the table.”

She had earlier said: “Unite is crystal clear, it will call out bad employers regardless of the colour of their rosette.

“Angela Rayner has had every opportunity to intervene and resolve this dispute but has instead backed a rogue council that has peddled lies and smeared its workers fighting huge pay cuts.

“The disgraceful actions of the government and a so-called Labour council, is essentially fire and rehire and makes a joke of the Employment Relations Act promises.

“People up and down the country are asking whose side is the Labour government on and coming up with the answer not workers.”

SN pics from 10/04/25 Tyseley Lane, Tyseley, Birmingham showing some rubbish piling up because of bin strikes
Image:
Piles of rubbish built up around Birmingham because of the strike over pay

Sir Keir Starmer’s spokesman said the government’s “priority is and always has been the residents of Birmingham”.

He said the decision by Unite workers to go on strike had “caused disruption” to the city.

“We’ve worked to clean up streets and remain in close contact with the council […] as we support its recovery,” he added.

A total of 800 Unite delegates voted on the motion.

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World

Donald Trump announces 30% tariff on imports from EU

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Donald Trump announces 30% tariff on imports from EU

Donald Trump has announced he will impose a 30% tariff on imports from the European Union from 1 August.

The tariffs could make everything from French cheese and Italian leather goods to German electronics and Spanish pharmaceuticals more expensive in the US.

Mr Trump has also imposed a 30% tariff on goods from Mexico, according to a post from his Truth Social account.

Announcing the moves in separate letters on the account, the president said the US trade deficit was a national security threat.

In his letter to the EU, he wrote: “We have had years to discuss our trading relationship with The European Union, and we have concluded we must move away from these long-term, large, and persistent, trade Deficits, engendered by your tariff, and non-Tariff, policies, and trade barriers.

“Our relationship has been, unfortunately, far from reciprocal.”

In his letter to Mexico, Mr Trump said he did not think the country had done enough to stop the US from turning into a “narco-trafficking playground”.

The president of the European Commission, Ursula von der Leyen, said today that the EU could adopt “proportionate countermeasures” if the US proceeds with imposing the 30% tariff.

Ms von der Leyen, who heads the EU’s executive arm, said in a statement that the bloc remained ready “to continue working towards an agreement by Aug 1”.

“Few economies in the world match the European Union’s level of openness and adherence to fair trading practices,” she continued.

“We will take all necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures if required.”

Ms von der Leyen has also said imposing tariffs on EU exports would “disrupt essential transatlantic supply chains”.

Meanwhile, Dutch Prime Minister Dick Schoof said on the X social media platform that Mr Trump’s announcement was “very concerning and not the way forward”.

He added: “The European Commission can count on our full support. As the EU we must remain united and resolute in pursuing an outcome with the United States that is mutually beneficial.”

Mexico’s economy ministry said a bilateral working group aims to reach an alternative to the 30% US tariffs before they are due to take effect.

The country was informed by the US that it would receive a letter about the tariffs, the ministry’s statement said, adding that Mexico was negotiating.

Read more US news:
Trump plans to hit Canada with 35% tariff
More than 160 missing after Texas floods
Robot performs realistic surgery

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How ‘liberation day’ unfolded

Trump’s tariff threats and delays

On his so-called “liberation day” in April, Mr Trump unleashed “reciprocal tariffs” on many of America’s trade partners.

The US president said he was targeting countries with which America has a trade imbalance.

However, since then he’s backed down in a spiralling tit-for-tat tariff face-off with China, and struck a deal with the UK.

The US imposed a 20% tariff on imported goods from the EU in April but it was later paused and the bloc has since been paying a baseline tariff of 10% on goods it exports to the US.

In May, while the US and EU where holding trade negotiations, Mr Trump threated to impose a 50% tariff on the bloc as talks didn’t progress as he would have liked.

However, he later announced he was delaying the imposition of that tariff while negotiations over a trade deal took place.

As of earlier this week, the EU’s executive commission, which handles trade issues for the bloc’s 27-member nations, said its leaders were still hoping to strike a trade deal with the Trump administration.

Without one, the EU said it was prepared to retaliate with tariffs on hundreds of American products, ranging from beef and auto parts to beer and Boeing airplanes.

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US

Donald Trump announces 30% tariff on imports from EU

Published

on

By

Donald Trump announces 30% tariff on imports from EU

Donald Trump has announced he will impose a 30% tariff on imports from the European Union from 1 August.

The tariffs could make everything from French cheese and Italian leather goods to German electronics and Spanish pharmaceuticals more expensive in the US.

Mr Trump has also imposed a 30% tariff on goods from Mexico, according to a post from his Truth Social account.

Announcing the moves in separate letters on the account, the president said the US trade deficit was a national security threat.

In his letter to the EU, he wrote: “We have had years to discuss our trading relationship with The European Union, and we have concluded we must move away from these long-term, large, and persistent, trade Deficits, engendered by your tariff, and non-Tariff, policies, and trade barriers.

“Our relationship has been, unfortunately, far from reciprocal.”

In his letter to Mexico, Mr Trump said he did not think the country had done enough to stop the US from turning into a “narco-trafficking playground”.

The president of the European Commission, Ursula von der Leyen, said today that the EU could adopt “proportionate countermeasures” if the US proceeds with imposing the 30% tariff.

Ms von der Leyen, who heads the EU’s executive arm, said in a statement that the bloc remained ready “to continue working towards an agreement by Aug 1”.

“Few economies in the world match the European Union’s level of openness and adherence to fair trading practices,” she continued.

“We will take all necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures if required.”

Ms von der Leyen has also said imposing tariffs on EU exports would “disrupt essential transatlantic supply chains”.

Meanwhile, Dutch Prime Minister Dick Schoof said on the X social media platform that Mr Trump’s announcement was “very concerning and not the way forward”.

He added: “The European Commission can count on our full support. As the EU we must remain united and resolute in pursuing an outcome with the United States that is mutually beneficial.”

Mexico’s economy ministry said a bilateral working group aims to reach an alternative to the 30% US tariffs before they are due to take effect.

The country was informed by the US that it would receive a letter about the tariffs, the ministry’s statement said, adding that Mexico was negotiating.

Read more US news:
Trump plans to hit Canada with 35% tariff
More than 160 missing after Texas floods
Robot performs realistic surgery

Please use Chrome browser for a more accessible video player

How ‘liberation day’ unfolded

Trump’s tariff threats and delays

On his so-called “liberation day” in April, Mr Trump unleashed “reciprocal tariffs” on many of America’s trade partners.

The US president said he was targeting countries with which America has a trade imbalance.

However, since then he’s backed down in a spiralling tit-for-tat tariff face-off with China, and struck a deal with the UK.

The US imposed a 20% tariff on imported goods from the EU in April but it was later paused and the bloc has since been paying a baseline tariff of 10% on goods it exports to the US.

In May, while the US and EU where holding trade negotiations, Mr Trump threated to impose a 50% tariff on the bloc as talks didn’t progress as he would have liked.

However, he later announced he was delaying the imposition of that tariff while negotiations over a trade deal took place.

As of earlier this week, the EU’s executive commission, which handles trade issues for the bloc’s 27-member nations, said its leaders were still hoping to strike a trade deal with the Trump administration.

Without one, the EU said it was prepared to retaliate with tariffs on hundreds of American products, ranging from beef and auto parts to beer and Boeing airplanes.

Continue Reading

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