Material Indicators co-founder Keith Alan added that he would be “very happy” to see $69,000 — a significant psychological line in the sand — get tested as part of a resistance/support flip by bulls.
“With the 21-Day Moving Average hovering around $68.8k technical support is strong, but a cooler than expected Unemployment Report or a rug pull could send prices lower and punish late longs,” he concluded.
Allen referenced upcoming United States macroeconomic data on unemployment, which is often known to have a noticeable impact on BTC price volatility.
During the June 6 U.S. trading session, meanwhile, popular trader Skew noted considerable BTC sales from major exchanges Binance and Coinbase.
On Coinbase alone, Skew noted, 2,000 BTC was sold, as he queried “who’s cashing out $100M +.”
Bulls nonetheless provided a lifeline in time for the daily close, avoiding a continuation of “weakness” that Skew warned could have longer-lasting consequences for the BTC price trend.
