Bitcoin has been stuck at $71,000 on June 7, with analytics tools predicting a retest of lower levels. Data from Cointelegraph Markets Pro and TradingView showed Bitcoin bouncing higher after hitting intraday lows of $70,120 before the daily close. Material Indicators suggested a move back to $71.6k could invalidate the current trend. Co-founder Keith Alan mentioned the importance of testing the significant psychological line of $69,000 as part of a resistance/support flip by bulls.
During the June 6 U.S. trading session, popular trader Skew noted significant BTC sales from major exchanges Binance and Coinbase. Despite the large sell-offs, bulls managed to provide support in time for the daily close. Meanwhile, analyst Michaël van de Poppe stated that Bitcoin has yet to break out from its established range, but is heavily ready for a breakout to a new all-time high. Alan blamed whales for holding the market back to protect their short positions and prevent liquidation.
The latest data from monitoring resource CoinGlass showed $71,900 as the most interesting focus for liquidity above spot price. However, investors should conduct their own research and be aware of the risks involved in making investment and trading decisions. Bitcoin remains within its range, but analysts are optimistic about a potential breakout to new all-time highs. Slow progress towards these highs is attributed to whales suppressing prices to avoid liquidation.
In conclusion, Bitcoin’s price has been relatively stable around $71,000 with indications of a potential retest of lower levels. Analysts are closely monitoring key support levels and market indicators to predict future price movements. Despite sell-offs from major exchanges, bulls managed to support the price before the daily close. Investors should exercise caution and conduct thorough research before making any investment decisions in the volatile cryptocurrency market.
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