BTC/USD reached lows of $68,450 on Bitstamp, while Ether, the biggest altcoin, briefly slipped below $3,600
Bitcoin hovered around $69,000 on June 8 as traders recovered from a sudden sell-off.
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin’s price stabilized as the weekend approached.
The largest crypto currency experienced abrupt volatility at the start of the Wall Street session, driven by what was termed “schizophrenic” U.S. employment data.
This was exacerbated by a drop in altcoins, following market reactions to a livestream by pseudonymous investor Roaring Kitty.
BTC/USD reached local lows of $68,450 on Bitstamp, while Ether, the biggest altcoin, briefly slipped below $3,600.
Reflecting on the last 24 hours, trading firm QCP Capital described the U.S. session as “doubly strange.”
It was confusing enough to trigger a risk-off ahead of US inflation data and Federal Open Market Committee next Wednesday, it stated in a Telegram channel update.
They referred to the upcoming macroeconomic data releases, including the CPI and the Fed’s meeting to decide on interest rate policy.
QCP added: Followed by a Roaring Kitty live stream which had nearly a million viewers, during which GME stock price crashed.
It was probably not a coincidence that altcoin and Memecoins started collapsing as well with more than $40 billion wiped in market cap, it said.
Despite the turmoil, QCP viewed the local lows on bitcoin and ether as a buying opportunity, anticipating future Fed actions might favour risk assets.
Analyzing key levels, the crypto market focused on the monthly open near $67,500 as a key support level if weakness continued.
Lots of coins are at do or die levels IMO, these are the types of trades I like, popular trader Crypto Chase wrote on X.
If we lose all these levels, we lose the current HTF bullish bias to a degree IMO. Bitcoin holding 64-65K would be the last hope before destruction, Crypto Chase said.
Crypto Chase added: Bitcoin shed around $1.3 billion in Open Interest on this flush.
$ETH also shed around $800 million for a total of well more than $2 billion for just BTC & ETH combined, noted fellow trader Daan Crypto Trades.
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