{"id":22303,"date":"2024-06-08T18:00:10","date_gmt":"2024-06-08T15:00:10","guid":{"rendered":"https:\/\/coinengineer.io\/?p=22303"},"modified":"2024-06-08T15:03:46","modified_gmt":"2024-06-08T12:03:46","slug":"bitcoin-stabilizes-at-69000-after-volatile-sell-off","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bitcoin-stabilizes-at-69000-after-volatile-sell-off\/","title":{"rendered":"Bitcoin Stabilizes at $69,000 After Volatile Sell-Off"},"content":{"rendered":"<p>On June 8, <strong>Bitcoin<\/strong> rounded <strong>$69,000<\/strong> as traders healed their scars from a rapid sell-off. TradingView data revealed that <strong>BTC<\/strong> price behavior steadied throughout the weekend.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-stabilizes-at-69000-after-volatile-sell-off\/#Volatility_and_Market_Reactions\" title=\"Volatility and Market Reactions\">Volatility and Market Reactions<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-stabilizes-at-69000-after-volatile-sell-off\/#Impact_of_Roaring_Kitty_Live_Stream\" title=\"Impact of Roaring Kitty Live Stream\">Impact of Roaring Kitty Live Stream<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-stabilizes-at-69000-after-volatile-sell-off\/#Key_Support_Levels_and_Trader_Insights\" title=\"Key Support Levels and Trader Insights\">Key Support Levels and Trader Insights<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"Volatility_and_Market_Reactions\"><\/span>Volatility and Market Reactions<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p>The biggest cryptocurrency experienced unexpected volatility at the previous Wall Street open due to &#8220;schizophrenic&#8221; US job figures. The market&#8217;s reaction to a webcast by anonymous investor <strong>Roaring Kitty<\/strong> subsequently exacerbated this. On Bitstamp, BTC\/USD saw local lows of $68,450; the biggest alternative coin, Ether, briefly dropped below $3,600.<\/p>\n<p>Reacting to the events of the preceding 24 hours, trading company <strong>QCP Capital<\/strong> referred to the U.S. session as &#8220;doubly unusual.&#8221;<\/p>\n<p>&#8220;It was confusing enough to trigger a risk-off ahead of US inflation numbers and FOMC next Wednesday&#8221; it said in part for Telegram channel followers in its latest post. In addition to the <strong>Federal Reserve<\/strong> meeting to decide interest rate policy, <strong>QCP<\/strong> cited macro data prints for next week&#8217;s CPI, along with other references.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Impact_of_Roaring_Kitty_Live_Stream\"><\/span>Impact of Roaring Kitty Live Stream<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&#8220;Then followed a <strong>Roaring<\/strong> Kitty live stream with almost a million viewers, during which the GME stock price fell,&#8221; it said. &#8220;With over $40 billion in market capitalization wiped out, Alts and Memecoins most likely started collapsing as well. It was not a coincidence.&#8221;<\/p>\n<p><a href=\"https:\/\/coinengineer.net\/blog\/trump-promises-crypto-support-at-12m-fundraiser\/\"><em><span style=\"font-weight: 400;\">This Might Interest You:\u00a0<\/span>Trump Promises Crypto Support at $12M Fundraiser<\/em><\/a><\/p>\n<p>Based on future Fed actions possibly boosting risk assets, the company nevertheless regarded local lows on <strong>BTC and ETH<\/strong> as &#8220;a good opportunity to buy the dip.&#8221;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Support_Levels_and_Trader_Insights\"><\/span>Key Support Levels and Trader Insights<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Looking at important levels, crypto market research pointed to the monthly open at $67,500 as the level to maintain as support should weakness persist. Popular trader Crypto Chase commented in part of one of his most recent postings on X (previously Twitter), &#8220;Lots of coins are at do-or-die levels IMO; these are the types of trades I like.&#8221;<\/p>\n<p>&#8220;We lose the existing HTF optimistic tilt to some extent, IMO, if we eliminate all these tiers. Before ruin, BTC holding 64\u201365K would represent the last chance.&#8221;<\/p>\n<p>A possible bright side materialized as a leverage flash across <strong>Bitcoin and Ethereum<\/strong>. On this flush, Bitcoin lost around $1.3 billion in open interest. Fellow trader Daan Crypto Trades pointed out that $ETH also lost over $800 million, for a total of well over $2 billion for only BTC and ETH combined.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On June 8, Bitcoin rounded $69,000 as traders healed their scars from a rapid sell-off. TradingView data revealed that BTC price behavior steadied throughout the weekend. Volatility and Market Reactions The biggest cryptocurrency experienced unexpected volatility at the previous Wall Street open due to &#8220;schizophrenic&#8221; US job figures. The market&#8217;s reaction to a webcast by<\/p>\n","protected":false},"author":6,"featured_media":18123,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,7],"tags":[61,105,6117],"class_list":["post-22303","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-genel","category-market-analysis","tag-bitcoin","tag-ethereum","tag-roaring-kitty"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Stabilizes at $69,000 After Volatile Sell-Off<\/title>\n<meta name=\"description\" content=\"Bitcoin steadies at $69,000 after a volatile sell-off. 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