On June 8, Bitcoin (BTC) reached $69,000 as traders recovered from a sudden sell-off. The BTC/USD 1-hour chart showed the price stabilizing over the weekend. The cryptocurrency faced unexpected volatility during the Wall Street open due to erratic U.S. employment data. This led to a drop in altcoins following a livestream by the pseudonymous investor Roaring Kitty.
BTC/USD hit a low of $68,450 on Bitstamp, while Ether (ETH) briefly dipped below $3,600. QCP Capital commented on the unusual events of the past 24 hours, calling the U.S. session “doubly strange” as traders tried to make sense of the market ahead of upcoming macroeconomic data releases and the Federal Reserve meeting.
Despite the confusion, QCP saw the local lows in BTC and ETH as a buying opportunity, anticipating positive market movements based on potential future actions by the Federal Reserve. Traders analyzed key price levels, with the monthly open at $67,500 seen as crucial for support in case of further weakness.
Notable trader Crypto Chase highlighted the importance of these levels in his analysis, suggesting that many coins were at critical points. A positive development was the leverage flush in Bitcoin and Ether, with approximately $2 billion in open interest lost across both cryptocurrencies.
Previously, Cointelegraph had reported on global liquidity trends supporting a potential breakout in BTC prices to new all-time highs. It’s important to note that this article does not offer investment advice, and readers should conduct their own research before making any financial decisions.