Bitcoin may test $69k next as shorts push BTC price below all-time highs.
Bitcoin held tight to $71,000 on June 7 as analysts began calling for a retest of the lows.
Bitcoin bulls are closed every day after the exchange “saves”.
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin (BTC) price action higher after hitting an intraday low of $70,120 on Bitstamp before the daily close.
LATEST MOVEMENTS All week follows a theme with all-time highs and heavy lows wikis. BTC/USD took BTC/USD to $69,600 before resuming another such wick on June 5.
Commenting, Trading Resources' material indicators suggested that markets are now calling for a more convincing return to key support around $69,000.
“Both Trend Precognition algos are showing new #TradingSignals that it may be time to retest local support,” he wrote on X's proprietary trading signals.
“To me, going back to $71.6K is not worth it, and a hot unemployment report in the morning could be the trigger for such a move.”
Keith Allan, founder of Material Indicators, added that $69,000 – a significant psychological line in the sand – would be “really happy” to be tested as part of a resistance/support reveal for bulls.
“The 21-day moving average is solid, hovering around technical support at $68.8k, but a cooler-than-expected unemployment report or a rug-pulling could push prices lower and punish a delayed long run,” he said.
Allen cited upcoming US macroeconomic data on unemployment, which is often known to have a significant impact on BTC price volatility.
During US trading on June 6, popular trader Skew saw massive BTC sales from major exchanges Binance and Coinbase.
On Coinbase alone, Skew claims to have sold 2,000 BTC, asking “Who's going to spend $100M+?”
However, the bulls gave a lifeline to the daily close, avoiding the continuation of the “weakness” that Skew warned could have a lasting effect on the BTC price trend.
The price of BTC is “very ready” to disappear
Highlighting, Michael van de Pop, founder and CEO of trading firm MNTrading, says that Bitcoin has yet to break out of its established range – even with recent signs of strength.
Related: Why Isn't BTC Price Moving Despite Billions in ETF Income?
“Bitcoin is still stuck in the range, but very poised for a new all-time high,” summarized X.
“Slowly, but surely, altcoins are rolling along. It's a good time,” he said.
Meanwhile, Allen has been responsible for a slow rise to an all-time high with the Whalers. He argued that these high-volume investors deliberately held the market back in order to protect their short positions.
In one of his recent X responses, Allen described a “pile of shorts” between $71,500 and $75,000, with whales “restricting pricing from liquidity.”
The latest data from wealth tracker CoinGlass meanwhile showed a very interesting focus on liquidity above the spot price while writing at $71,900.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
