On June 8, Bitcoin hovered around $69,000, recovering from a sudden drop. Data from Cointelegraph Markets Pro and TradingView showed Bitcoin’s price stabilizing over the weekend.
The largest cryptocurrency experienced sudden volatility at the prior Wall Street open due to “schizophrenic” U.S. employment data.
This was exacerbated by a sharp decline in altcoins, triggered by market reactions to a livestream by pseudonymous investor Roaring Kitty.
BTC/USD saw local lows of $68,450 on Bitstamp, while Ether, the largest altcoin, briefly fell below $3,600.
In response to these events, 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 Capital wrote in its latest update to Telegram channel subscribers.
QCP referred to next week’s macro data releases, including the Consumer Price Index (CPI) and the Federal Reserve meeting to determine interest rate policy.
“Followed by a Roaring Kitty live stream which had almost a million viewers, during which GME stock price crashed,” it continued.
“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 this, the firm saw local lows on BTC and ETH as “a good opportunity to buy the dip” given potential future Fed moves that might benefit risk assets.
Regarding key BTC price levels, analysts highlighted the monthly open around $67,500 as crucial support if weakness continues.
“Lots of coins are at do or die levels IMO, these are the types of trades I like,” popular trader Crypto Chase wrote 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 sign emerged with a leverage flush across 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,” trader Daan Crypto Trades noted.
Previously, Cointelegraph reported on global liquidity trends already supporting a BTC price breakout to all-time highs.
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