Bitcoin’s price has once again experienced a decline as the leading cryptocurrency endeavors to hold onto a crucial support zone for its upward trend. On June 7, Bitcoin’s drop below the $69,000 mark caused a stir in the cryptocurrency market.
A respected cryptocurrency analyst has taken note of Bitcoin’s recent movements, emphasizing that the digital asset is currently entrenched in a strong support area ranging from $69,380 to $67,350. Within this range, approximately 1.97 million addresses have acquired 964,000 BTC, as per the analyst’s findings. “Maintaining this level is vital for Bitcoin to sustain its upward momentum,” the analyst stressed.
In a report shared on June 8, Martinez pointed out, using a chart from on-chain platform Glassnode, that around 22,647 Bitcoin tokens, valued at over $1.57 billion, were withdrawn from cryptocurrency exchanges last week.
At the time of writing, the price of Bitcoin was quoted at $69,417.89, marking a 2.7% decrease over the past 24 hours. During this timeframe, the leading cryptocurrency recorded a trading volume of $21,018,980,099.
Last Friday, Bitcoin’s dip below $69,000 caught the market’s attention. Despite an initial attempt to hold this level, the digital currency faced resistance, resulting in a drop of over $2,000.
The following week started off positively for Bitcoin, with a breakthrough above the $70,000 mark on Monday. However, this surge was short-lived. Even though Bitcoin briefly surpassed this level on Tuesday, the gains proved unsustainable.
Ahead of the release of economic data from the United States, Bitcoin reached a multi-week high of $72,000. However, shortly after the data was released, a new wave of selling pressure emerged, causing the price to drop to 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 do not constitute financial advice. Investing or trading cryptocurrencies carries inherent risks.
In an editorial choice, Mark Yusko expresses optimism about the industry and recommends considering investments in cryptocurrencies as Bitcoin’s price surges towards historic highs.
