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 began to stabilize over the weekend.
The largest cryptocurrency had faced abrupt volatility due to what was described as “schizophrenic” U.S. employment data during the prior Wall Street opening.
The market situation was further exacerbated by a significant drop in altcoins, triggered by a livestream from pseudonymous investor Roaring Kitty.
On Bitstamp, BTC/USD hit local lows of $68,450, while the largest altcoin, Ether (ETH), briefly dipped below $3,600.
Reflecting on the past 24 hours, trading firm QCP Capital labeled the U.S. session as “doubly strange.”
They stated, “It was confusing enough to trigger a risk-off ahead of US inflation numbers and FOMC next Wed.” This was part of their latest update to Telegram channel subscribers.
QCP highlighted next week’s macroeconomic data releases, which include the Consumer Price Index (CPI) and the Federal Reserve meeting on interest rate policy.
“Followed by a Roaring Kitty live stream which had almost a million viewers, during which GME stock price crashed,” they 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 the turmoil, QCP saw the local lows of BTC and ETH as “a good opportunity to buy the dip,” predicting that future Federal Reserve actions could benefit risk assets.
Focusing on key levels, crypto market analysts identified the monthly open around $67,500 as a crucial support level if the weakness persisted.
“Lots of coins are at do-or-die levels IMO, these are the types of trades I like,” popular trader Crypto Chase shared on X.
He added, “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 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, totaling well over $2B for just BTC & ETH combined,” noted trader Daan Crypto Trades.
Previously, Cointelegraph reported on global liquidity trends already supporting a BTC price breakout to all-time highs.
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