Bitcoin’s price has once again dropped as the leading cryptocurrency struggles to maintain a crucial support zone for its upward movement. On June 7, Bitcoin’s dip below the $69,000 mark grabbed the attention of the cryptocurrency market.
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, approximately 1.97 million addresses have purchased 964,000 BTC, as per the analysis. The analyst stressed the importance of Bitcoin holding this level to sustain its upward momentum.
In a report shared on June 8, Martinez highlighted that around 22,647 Bitcoin tokens, valued at over $1.57 billion, were withdrawn from cryptocurrency exchanges last week, according to data from on-chain platform Glassnode.
At the time of writing, the price of Bitcoin was quoted at US$69,417.89, reflecting a 2.7% decrease in the last 24 hours. During this period, Bitcoin recorded a trading volume of US$21,018,980,099.
Last Friday, Bitcoin’s drop below $69,000 attracted market attention, followed by a subsequent rejection that led to a significant decline in its value. Despite briefly surpassing the $70,000 mark on Monday, Bitcoin’s gains were short-lived and were not sustained.
Following the release of economic data from the United States, Bitcoin briefly reached a multi-week high of $72,000 before facing a new wave of selling pressure that brought it back down to a multi-day low of $68,500.
Disclaimer: The opinions expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing in cryptocurrencies carries inherent risks of financial loss.
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