Bitcoin (BTC) price surpassed the $69,000 level on June 8 as traders licked their wounds from the sudden sell-off.
Bitcoin and Ether remain down after flash crash
Data from Cointelegraph Markets Pro and TradingView showed that Bitcoin’s price behavior stabilized over the weekend.
The largest cryptocurrency suffered surprising volatility during Wall Street’s previous open thanks to what was described as “schizophrenic” US jobs data.
This was then exacerbated by the altcoin’s price decline, driven by market reactions to the investor’s livestream under the pseudonym Roaring Kitty.
The BTC/USD pair saw a local low at $68,450 on Bitstamp, while the largest altcoin Ether (ETH) briefly fell below $3,600.
In response to the events of the past 24 hours, trading firm QCP Capital described the US session as “doubly strange”.
“It was confusing enough to trigger risk aversion ahead of the US inflation numbers and next Wednesday’s FOMC meeting,” she wrote in part of her latest update to FOMC subscribers. Telegram channel.
QCP highlighted next week’s macroeconomic data, which includes the Consumer Price Index, or CPI, as well as the Federal Reserve’s meeting to set interest rate policy.
She continued: “This was followed by a live broadcast of Roaring Kitty attended by nearly a million viewers, during which the GME stock price collapsed. »
“It’s probably no coincidence that Alts and Memecoins also began to collapse, losing over $40 billion in market cap.”
However, the firm viewed local dips in BTC and ETH as a “good opportunity to buy the dip” based on future Fed actions that will likely benefit riskier assets.
Shows key BTC price levels
As for key levels, cryptocurrency market analysis sees the monthly open around $67,500 as the level to hold, with support remaining weak.
Related: Bitcoin Hash Bars Flash for First Buy Signal Since BTC Price Hits $25,000
“A lot of coins are at IMO levels, and those are the types of trades I like,” popular Crypto trader Chase wrote in part of one of his recent posts on X (formerly Twitter).
“If we lose all of these levels, we will lose HTF’s current bullish bias to some extent, in my opinion. Holding BTC between 64-65,000 will be the last hope before destruction.
The potential upside came in the form of leverage flow between Bitcoin and Ether.
“Bitcoin lost approximately $1.3 billion in open interest due to this inflow. Trader Daan Crypto Trades noted that $ETH also lost around $800 million for a total of over $2 billion, compared to just BTC and ETH combined.
Previously, Cointelegraph reported on global liquidity trends that are already supporting Bitcoin’s price rise to all-time highs.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.
