Bitcoin remained steady at $71,000 as of June 7, with analysis tools predicting a possible retest of lower levels.
On June 7, Bitcoin’s price bounced back after hitting lows of $70,120 on Bitstamp before the daily close. This trend continued throughout the week with Bitcoin testing resistance levels near all-time highs and experiencing significant downside wicks. On June 5, BTC/USD dropped to $69,600 before recovering.
Material Indicators suggested that the market was signaling a return to key support levels around $69,000. Co-founder Keith Alan expressed optimism about seeing Bitcoin test $69,000, a crucial psychological level, as part of a resistance/support shift by bulls.
Allen also mentioned the impact of upcoming U.S. macroeconomic data on Bitcoin’s price volatility, noting the importance of the Unemployment Report.
During the U.S. trading session on June 6, significant BTC sales were observed on major exchanges Binance and Coinbase. Despite this, bulls managed to prevent further weakness in Bitcoin’s price trend.
Looking at the bigger picture, trading firm MNTrading’s CEO Michaël van de Poppe believed that Bitcoin was poised for a breakout to new all-time highs. Alan attributed the slow progress towards all-time highs to whales holding back the market to protect their short positions.
CoinGlass data highlighted $71,900 as a key level for liquidity above the spot price at the time of writing.
As always, it’s important to conduct thorough research and consider the risks involved before making any investment or trading decisions.