Bitcoin hovered around $69,000 on June 8 as traders recovered from a sudden sell-off.
Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin’s price stabilized as the weekend approached.
The largest cryptocurrency experienced abrupt volatility at the start of the Wall Street session, driven by what was termed “schizophrenic” U.S. employment data.
This was exacerbated by a decline in altcoins, following market reactions to a livestream by pseudonymous investor Roaring Kitty.
BTC/USD hit local lows of $68,450 on Bitstamp, while Ether, the largest altcoin, briefly dipped below $3,600.
Reflecting on the past 24 hours, trading firm QCP Capital described the U.S. session as “doubly strange.”
“It was confusing enough to trigger a risk-off ahead of US inflation numbers and FOMC next Wed,” QCP wrote in a Telegram channel update.
They referred to the upcoming macroeconomic data releases, including the Consumer Price Index (CPI) and the Federal Reserve’s meeting to decide on interest rate policy.
QCP continued, “Followed by a Roaring Kitty live stream which had almost a million viewers, during which GME stock price crashed.
“It was probably not a coincidence that Alts and Memecoins started collapsing as well with over $40 billion wiped in market cap.”
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Despite the turmoil, QCP viewed the local lows on BTC and ETH as a buying opportunity, anticipating future Federal Reserve actions might favor risk assets.
Analyzing key levels, the crypto market focused on the monthly open around $67,500 as a critical support level if weakness persisted.
“Lots of coins are at do or die levels IMO, these are the types of trades I like,” popular trader Crypto Chase noted on X.
“If we lose all these levels, we lose the current HTF bullish bias to a degree IMO. BTC holding 64-65K would be the last hope before destruction.”
A potential positive aspect was the leverage flush in Bitcoin and Ether.
“Bitcoin lost approximately $1.3B in Open Interest on this flush.
$ETH also lost about $800M for a total of well over $2B for just BTC & ETH combined,” observed fellow trader Daan Crypto Trades.
Previously, Cointelegraph had reported on global liquidity trends already supporting a potential BTC price breakout to all-time highs.
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