Bitcoin’s price has once again dropped as the leading cryptocurrency strives to hold onto a crucial support zone for its upward momentum. On June 7, the cryptocurrency market took notice as Bitcoin dipped below the $69,000 mark.
A well-known cryptocurrency analyst has pointed out the recent movements of Bitcoin, emphasizing that the digital asset is currently supported in a strong zone between $69,380 and $67,350. Within this range, around 1.97 million addresses have purchased 964,000 BTC, according to the analysis. The analyst stressed the importance of maintaining this level for Bitcoin to continue its upward trend.
In a report shared on June 8, Martinez examined data from on-chain platform Glassnode, revealing that approximately 22,647 bitcoin tokens, valued at over $1.57 billion, were withdrawn from cryptocurrency exchanges last week.
As of the time of writing, the price of Bitcoin was quoted at US$69,417.89, marking a 2.7% decline in the past 24 hours. During this period, the cryptocurrency saw a trading volume of US$21,018,980,099.
Last Friday, Bitcoin’s drop below $69,000 grabbed the market’s attention. After failing to hold this level, the digital currency faced a rejection leading to a significant decrease in value.
The start of the following week seemed promising as Bitcoin crossed the $70,000 mark on Monday. However, this surge was short-lived, with the gains proving unsustainable despite briefly exceeding that level on Tuesday.
Prior to the release of economic data from the United States, Bitcoin reached a multi-week high of $72,000. However, following the data release, a wave of selling pressure caused the price to drop again, hitting a multi-day low of $68,500.
It is important to note that the opinions and views expressed in this article are for informational purposes only and should not be considered as financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.