BTC price settles at $69K after dip wipes $1.3B Bitcoin open interest

William SubergJun 08, 2024BTC price settles at $69K after dip wipes $1.3B Bitcoin open interestBitcoin lingers lower following a “doubly strange” U.S. trading session, with BTC price support in question.13329 Total views59 Total sharesListen to article 0:00Market UpdateOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin circled $69,000 on June 8 as traders licked their wounds from a snap sell-off.BTC/USD 1-hour chart. Source: TradingViewBitcoin, Ether stay lower after flash crash

Data from Cointelegraph Markets Pro and TradingView showed Bitcoin (BTC) price behavior stabilizing into the weekend.

The largest cryptocurrency had endured sudden volatility at the prior Wall Street open thanks to what was labeled “schizophrenic” United States employment data.

This was then compounded by a rout in altcoins, which came courtesy of market reactions to a livestream by pseudonymous investor Roaring Kitty.

BTC/USD saw local lows of $68,450 on Bitstamp, while largest altcoin Ether (ETH) briefly fell below $3,600.ETH/USD 12-hour chart. Source: TradingView

Responding to the past 24 hours’ events, trading firm QCP Capital called the U.S. session “doubly strange.”

“It was confusing enough to trigger a risk-off ahead of US inflation numbers and FOMC next Wed,” it wrote in part of its latest update to Telegram channel subscribers.

QCP referenced next week’s macro data prints, which include the Consumer Price Index (CPI) along with the Federal Reserve meeting to determine interest rate policy.

“Followed by a Roaring Kitty live stream which had almost a million viewers, during which GME stock price crashed,” it continued.“It was probably not a coincidence that Alts and Memecoins started collapsing as well with over $40 billion wiped in market cap.”

The firm nonetheless saw local lows on BTC and ETH as “a good opportunity to buy the dip” based on future Fed moves potentially benefiting risk assets.Key BTC price levels emerge

Eyeing key levels, the crypto market analysis looked to the monthly open around $67,500 as the level to hold as support should weakness continue.

Related: Bitcoin hash ribbons flash the first buy signal since $25K BTC price

“Lots of coins are at do or die levels IMO, these are the types of trades I like,” popular trader Crypto Chase wrote in part of one of his latest posts on X.“If we lose all these levels, we lose the current HTF bullish bias to a degree IMO. BTC holding 64-65K would be the last hope before destruction.”BTC/USDT chart. Source: Crypto Chase

A potential silver lining came in the form of a leverage flush across Bitcoin and Ether.

“Bitcoin Lost approximately $1.3B in Open Interest on this flush. $ETH Also lost about $800M for a total of well over $2B for just BTC & ETH combined,” fellow trader Daan Crypto Trades noted.BTC/USD chart with open interest data. Source: Daan Crypto Trades

Previously, Cointelegraph reported on global liquidity trends already supporting a BTC price breakout to all-time highs.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Altcoin# Ethereum# Bitcoin Price# Markets# Ether PriceAdd reaction