Bitcoin remained stuck at $71,000 until June 7 as analytical tools began calling for a retest of lower levels.
Bitcoin bulls “save” the daily close after selling on exchanges.
Bitcoin (BTC) price was on the rise after hitting an intraday low of $70,120 on Bitstamp before the daily close, according to data from Cointelegraph Markets Pro and TradingView.
The recent move continued the theme throughout the week with resistance below all-time highs and a trip towards a heavy downside wick. Another week on June 5th took BTC/USD to $69,600 before a rebound began.
Commenting, trading resource Material Indicators suggested that the market is now calling for a more positive return to key support around $69,000.
“Both trend prediction algorithms are showing new #TradingSignals that indicate it may be time to retest local support,” he wrote about the proprietary trading indicator’s signals in a post on X.
“For me, going back to $71.6k would be null and void and the unemployment report coming out in the morning could be the catalyst for that move.”
Keith Alan, co-founder of Material Indicators, added that he would be “very pleased” to see $69,000 (a significant psychological line) being tested as part of a resistance/support reversal in the bulls.
“With the 21-day moving average hovering around $68,800, technical support is strong, but a cooler-than-expected unemployment report or rug pull could push prices lower and punish long-term buying,” he concluded.
Allen referenced upcoming US macroeconomic data on unemployment rates, which is known to have a noticeable impact on BTC price volatility.
Meanwhile, during the June 6 US trading session, popular trader Skew noted significant BTC selling on major exchanges Binance and Coinbase.
Skew noted that 2,000 BTC were sold on Coinbase alone, asking who “cashed out over $100 million.”
Nonetheless, the bulls provided a lifeline ahead of the daily close, avoiding the “weakness” that Skew warned could have longer-lasting consequences for the BTC price trend.
BTC price “ready for a breakout”
Michael van de Poppe, founder and CEO of trading firm MNTrading, said Bitcoin has yet to break out of its existing range despite recent signs of strength.
Related: Why is BTC price not moving despite billions of dollars in ETF inflows?
He summarized for
“Slowly but surely, altcoins are taking off. It’s a good time.”
Meanwhile, Alan took responsibility for the slow progress towards whales’ all-time highs. He claimed that these large investors were deliberately suppressing the market to protect their short positions.
In one of the recent
Meanwhile, the latest data from monitoring resource CoinGlass shows $71,900 as the most interesting neighborhood for liquidity over spot prices at the time of writing.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.