Bitcoin hit $69,000 on June 8 as traders dealt with a sudden sell-off, causing some to nurse their losses. Data from Cointelegraph Markets Pro and TradingView showed Bitcoin and Ether prices stabilizing over the weekend after a period of intense volatility.
The cryptocurrency market experienced a rollercoaster ride, with Bitcoin reaching a low of $68,450 on Bitstamp and Ether briefly dropping below $3,600. The chaos was triggered by erratic United States employment data and a livestream by the mysterious investor Roaring Kitty, which led to a rout in altcoins.
QCP Capital, a trading firm, described the U.S. trading session as “doubly strange” due to the confusion caused by upcoming economic data releases and the Roaring Kitty livestream. Despite the turbulence, the firm saw the dip in Bitcoin and Ether prices as a buying opportunity, anticipating positive moves based on future Federal Reserve decisions.
Market analysts highlighted the importance of the monthly open level at $67,500 as a crucial support level for Bitcoin in the event of further weakness. Traders like Crypto Chase pointed out the high stakes involved in the current market conditions, with many coins at critical levels.
Despite the market turbulence, there was a positive aspect in the form of a leverage flush in Bitcoin and Ether, which resulted in a significant reduction in open interest. An estimated $1.3 billion in open interest was lost in Bitcoin, while Ether lost around $800 million, totaling over $2 billion in losses for the two cryptocurrencies combined.
Recent reports have suggested that global liquidity trends could support a potential breakout in Bitcoin prices to new all-time highs. However, it is important to note that this article does not provide investment advice, and readers should conduct their own research before making any financial decisions.