June 9, 2024
Bitcoin Price is $70,987, May Retest $69K as Shorts Limit Price
Bitcoin price today

Bitcoin Price is $70,987, May Retest $69K as Shorts Limit Price

Friday, June 7, 2024: Bitcoin Price Today is $70,987, with analytics tools suggesting a potential retest of lower support levels. According to data from TradingView, Bitcoin’s price action bounced after hitting intraday lows of $70,120 on Bitstamp before the daily close.

BTC/USD 1-hour chart. Source: TradingView

Throughout the week, Bitcoin’s movements have been characterized by approaches toward resistance just below its all-time highs and significant downside wicks. On June 5, bitcoin price dipped to $69,600 before rebounding. Trading resource Material Indicators suggested that the market might signal a need to revisit the crucial support level around $69,000.

“Both Trend Precognition algos are showing new #TradingSignals indicating that it may be time to retest local support,” Material Indicators noted, referencing signals from its proprietary trading indicators on X.

“For me, a move back to $71.6k invalidates, and a hot Unemployment Report in the morning could be a catalyst for a move like that.”

BTC/USD chart with trading signals. Source: Material Indicators

Co-founder Keith Alan mentioned he would be “very happy” to see $69,000 tested as a part of a resistance/support flip by the bulls.

Anticipation Around Key Support and Economic Data

Keith Alan highlighted that the 21-day Moving Average was hovering around $68.8k, providing strong technical support. However, he cautioned that a lower-than-expected Unemployment Report or a sudden market pullback could drive prices down further and affect late long positions. Alan emphasized the potential impact of upcoming U.S. macroeconomic data on unemployment, known for influencing Bitcoin’s price volatility.

During the June 6 U.S. trading session, popular trader Skew observed significant Bitcoin sales from major exchanges Binance and Coinbase. On Coinbase, 2,000 BTC were sold, prompting Skew to question, “who’s cashing out $100M +.” Despite these sales, bulls managed to provide support in time for the daily close, preventing a continuation of the “weakness” that Skew warned could have long-term effects on Bitcoin’s price trend.

Source: Skew

Market Dynamics and Whale Influence

Michaël van de Poppe, founder and CEO of trading firm MNTrading, noted that Bitcoin remains within its established range, despite recent signs of strength. “Bitcoin is still stuck within the range, but very heavily ready for a breakout upwards to a new all-time high,” he summarized on X.

“Slowly, but surely, the altcoins are rolling along. It’s a good time.”

BTC/USD chart. Source: Michaël van de Poppe

Keith Alan attributed the slow progress toward new all-time highs to the actions of whales. He argued that these large-volume investors are deliberately keeping the market subdued to protect their short positions. In a recent response on X, Alan described “a heap of shorts” between $71,500 and $75,000, with whales “suppressing price to avoid getting liquidated.”

Monitoring resource CoinGlass highlighted $71,900 as the most notable nearby liquidity focus above the spot price at the time of writing. As Bitcoin price hovers around the $71,000 mark, the market remains watchful of these critical levels and the potential influence of broader economic data on future price movements.

Image by Benjamin Nelan from Pixabay

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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