Crypto:
30253
Bitcoin:
$66.090
% 0.16
BTC Dominance:
%54.0
% 0.46
Market Cap:
$2.41 T
% 1.30
Fear & Greed:
74 / 100
Bitcoin:
$ 66.090
BTC Dominance:
% 54.0
Market Cap:
$2.41 T

Bitcoin Stabilizes at $69,000 After Volatile Sell-Off

Bitcoin,Btc

On June 8, Bitcoin rounded $69,000 as traders healed their scars from a rapid sell-off. TradingView data revealed that BTC price behavior steadied throughout the weekend.

Volatility and Market Reactions

The biggest cryptocurrency experienced unexpected volatility at the previous Wall Street open due to “schizophrenic” US job figures. The market’s reaction to a webcast by anonymous investor Roaring Kitty subsequently exacerbated this. On Bitstamp, BTC/USD saw local lows of $68,450; the biggest alternative coin, Ether, briefly dropped below $3,600.

Reacting to the events of the preceding 24 hours, trading company QCP Capital referred to the U.S. session as “doubly unusual.”

“It was confusing enough to trigger a risk-off ahead of US inflation numbers and FOMC next Wednesday” it said in part for Telegram channel followers in its latest post. In addition to the Federal Reserve meeting to decide interest rate policy, QCP cited macro data prints for next week’s CPI, along with other references.

Impact of Roaring Kitty Live Stream

“Then followed a Roaring Kitty live stream with almost a million viewers, during which the GME stock price fell,” it said. “With over $40 billion in market capitalization wiped out, Alts and Memecoins most likely started collapsing as well. It was not a coincidence.”

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Based on future Fed actions possibly boosting risk assets, the company nevertheless regarded local lows on BTC and ETH as “a good opportunity to buy the dip.”

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Key Support Levels and Trader Insights

Looking at important levels, crypto market research pointed to the monthly open at $67,500 as the level to maintain as support should weakness persist. Popular trader Crypto Chase commented in part of one of his most recent postings on X (previously Twitter), “Lots of coins are at do-or-die levels IMO; these are the types of trades I like.”

“We lose the existing HTF optimistic tilt to some extent, IMO, if we eliminate all these tiers. Before ruin, BTC holding 64–65K would represent the last chance.”

A possible bright side materialized as a leverage flash across Bitcoin and Ethereum. On this flush, Bitcoin lost around $1.3 billion in open interest. Fellow trader Daan Crypto Trades pointed out that $ETH also lost over $800 million, for a total of well over $2 billion for only BTC and ETH combined.

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