Bitcoin faced a significant downturn, plunging below the $67,000 mark as the markets reacted to the looming inflation report on June 11 at the beginning of the Wall Street trading session.
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin hit a new local low of $66,696 on Bitstamp, signaling the lowest point for the month.
This prolonged decline, lasting nearly 24 hours, demonstrated Bitcoin’s inability to reverse the downward trend as the markets braced for the release of macroeconomic data from the United States and awaited commentary from the Federal Reserve.
Scott Melker, who is a trader, analyst, and host of a podcast, characterized the recent price movement as insignificant. He stated that there was a decent drop in the price, but it was just a test of support at the range EQ.
He emphasized that the trading is still in the top half of the range and explained that this phase is part of a predictable cycle, which has been ongoing for the past three months.
In June, there was a significant increase in Bitcoin’s total market value, reaching an all-time high of over $37.6 billion. This surge is often regarded as a signal of potential bitcoin price volatility.
Additionally, data from CoinGlass indicated a decrease in open interest for Bitcoin futures as the price of Bitcoin dropped, although it remained at a level above $35 billion.
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