Bitcoin remained stagnant at $71,000 on June 7 while analytics tools started predicting a retest of lower levels.
Bitcoin’s price bounced back after hitting intraday lows of $70,120 on Bitstamp before the daily close, as per data from Cointelegraph Markets Pro and TradingView. The week saw Bitcoin making moves towards resistance levels below all-time highs, with significant downside wicks. On June 5, BTC/USD dropped to $69,600 before a rebound took place.
Material Indicators noted that markets were indicating a potential return to key support around $69,000. The co-founder, Keith Alan, expressed his optimism about seeing $69,000 tested as part of a resistance/support flip by bulls. He also mentioned that upcoming U.S. macroeconomic data on unemployment could impact BTC price volatility.
During the U.S. trading session on June 6, major exchanges Binance and Coinbase saw considerable BTC sales, with 2,000 BTC sold on Coinbase alone. However, bulls managed to prevent further weakness in BTC price trend by the daily close.
Looking at the bigger picture, Michaël van de Poppe of MNTrading highlighted that Bitcoin is poised for a breakout to a new all-time high despite being stuck within a range. Alan attributed the slow progress towards all-time highs to whales, who he claimed were intentionally holding back the market to protect their short positions.
According to CoinGlass, $71,900 was the most interesting nearby focus for liquidity above spot price at the time of writing. It’s important to note that this article does not provide investment advice, and readers should conduct their own research before making any decisions.