Bitcoin surged to $69,000 on June 8, leaving traders reeling from a sudden sell-off. Despite the chaos, BTC and Ether remained subdued following the flash crash.
Market data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin’s price action had stabilized over the weekend. The cryptocurrency faced extreme volatility at the opening of Wall Street due to conflicting US employment data, leading to what was described as a “schizophrenic” market reaction.
Altcoins were also hit hard, with Ether dropping below $3,600 after a livestream by the pseudonymous investor Roaring Kitty triggered a sell-off. BTC hit a low of $68,450 on Bitstamp, while ETH briefly fell below the $3,600 mark.
In response to the recent events, trading firm QCP Capital labeled the US trading session as “doubly strange.” They pointed to upcoming macroeconomic data releases, such as the Consumer Price Index (CPI) and the Federal Reserve meeting, as potential triggers for further market volatility.
Despite the uncertainty, QCP Capital viewed the dip in BTC and ETH prices as a buying opportunity, especially with potential positive moves from the Federal Reserve on the horizon.
Crypto market analysts highlighted the importance of the monthly open level at around $67,500 as a crucial support level for Bitcoin. Popular trader Crypto Chase noted that many coins were at critical levels and saw potential trading opportunities in the current market environment.
A glimmer of hope emerged as a significant amount of leverage was flushed out of the Bitcoin and Ether markets. Fellow trader Daan Crypto Trades pointed out that over $2 billion in open interest was lost during the recent market turmoil.
Previously, Cointelegraph had reported on the positive global liquidity trends supporting a potential BTC price breakout to new all-time highs. As always, readers are urged to conduct their own research and exercise caution when making investment decisions, as the market remains highly volatile.