Bitcoin has hit $69,000 on June 8 after a sudden sell-off that left traders reeling. The largest cryptocurrency, Bitcoin, along with Ether, remained lower after the flash crash, with BTC/USD falling to local lows of $68,450 on Bitstamp. The volatile price behavior was attributed to conflicting United States employment data and a rout in altcoins following a livestream by pseudonymous investor Roaring Kitty. Trading firm QCP Capital described the U.S. session as “doubly strange” and highlighted upcoming macro data prints like the Consumer Price Index and the Federal Reserve meeting as potential market movers.
Despite the recent market turmoil, QCP Capital saw the local lows on BTC and ETH as a good buying opportunity, especially with future Fed moves potentially benefiting risk assets. Key BTC price levels were identified, with the monthly open around $67,500 seen as crucial support. Popular trader Crypto Chase pointed out that many coins are at do-or-die levels, and losing them could impact the current bullish bias. The leverage flush across Bitcoin and Ether, with approximately $1.3 billion and $800 million lost respectively, also provided a potential silver lining for the market.
Global liquidity trends have also been supporting a BTC price breakout to all-time highs, as reported earlier by Cointelegraph. However, it is important to note that this article does not provide investment advice or recommendations. Every investment and trading decision carries risk, and readers are encouraged to conduct their own research before making any investment decisions. In conclusion, the recent volatility in the cryptocurrency market, fueled by conflicting data and market reactions, has provided both challenges and opportunities for traders and investors alike.
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