BTC price at $69K after clearing the dip $1.3B Bitcoin open interest
Bitcoin hit $69,000 on June 8 in a flash selloff with traders licking their wounds.
Bitcoin, Ether remain lower after flash crash.
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin (BTC) price behavior remained stable through the weekend.
The biggest cryptocurrency has spent the previous Wall Street open volatile due to what it called “schizophrenic” US employment data.
This was compounded by the debacle in altcoins, which came via a live stream of market reactions by anonymous investor Roaring Kitty.
BTC/USD saw a local low of $68,450 on Bitstamp, while major altcoin Ether (ETH) briefly fell below $3,600.
Commenting on the events of the past 24 hours, trading firm QCP Capital called the US session “double weird”.
“It was confusing enough to trigger risk ahead of US inflation and the FOMC next Wednesday,” he wrote in part in a recent update to Telegram channel subscribers.
QCP cited macro data releases next week, including the Consumer Price Index (CPI), along with the Federal Reserve's meeting to decide interest rate policy.
“GME's stock price plummeted following Roaring Kitty's live stream, which had nearly a million viewers,” he continued.
“Perhaps it's no coincidence that Alts and Memecoins started collapsing, wiping out over $40 billion in market cap.”
However, the company saw the local low prices on BTC and ETH as a “good opportunity to buy the dip” that could benefit risk assets in future Fed actions.
Key BTC price levels are emerging
Looking at key levels, the crypto market analysis sees a monthly open around $67,500, a level that will help the weakness continue.
Related: Bitcoin hash ribbs lights first buy signal starting at $25K BTC price.
“Many coins are do-or-die levels IMO, these are the types of trades I like,” wrote noted trader Crypto Chase in one of his recent posts on X.
“If we lose all these levels, we will lose the current HTF bullish bias to a degree IMO. Holding BTC 64-65K is the last hope before a crash.”
A potential silver lining came in the form of a drain on Bitcoin and Ether.
“Bitcoin lost about $1.3B in open interest on this flash. $ETH also lost $800M in BTC and ETH combined for a total of over $2B,” said fellow trader Daan CryptoTrades.
Previously, Cointelegraph reported on global liquidity trends supporting BTC's rise to all-time highs.
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.
