Bitcoin (BTC) held tight to its trading range on June 7 after a fresh surge was met with a quick sell-off. The Bitcoin ‘Bart Simpson’ party is back as the BTC price dropped 7% within hours.
“Some of the best chops we’ve seen”
Data from TradingView showed that the Bitcoin price has rejected again from the resistance it last faced on June 1st. BTC/USDT had daily gains in excess of 6%, but the approach to $32,000 changed the mood and Bitcoin returned almost $2,500 within a few hours. A classic “Bart Simpson” pattern has formed on hourly timeframes as frustrated investors have come to terms with the current paradigm remaining unchallenged.
Popular crypto analyst Michaël van de Poppe wrote in a Twitter update, “Bitcoin standard price action again where all the bottoms have been swept.” The analyst adds:
With around $29k, it’s probably still reason enough for a light jog. (And the $29k area is still the CME gap zone).
In addition to the CME futures gap, which provides a potential target at levels seen before earnings, the on-chain analytics resource Material Indicators is the key buyout already ranked at these levels. noted his interest.
If this does not continue, the targets will be focused on the next $28,000 area. Credible, whose analysis we shared as Kriptokoin.com, said in its update during the day that BTC can maintain the downward momentum even if it receives support at this level:
My first target is the green zone below, where we can see a jump, but this does not mean that the decline is not over yet…This A nice response from the region, but once again we are back at an important resistance level ($32-34k). This point is similar to the other level we initially rejected on the left (red circle). I expect a similar result – at least initially.
Another crypto analyst, Crypto Tony, confirming the continued overall downtrend “I will look for short opportunities in this range,” he continued. Not surprised by Bitcoin’s short-term price starvation, the market analyst became Filbfilb, co-founder of the DecenTrader platform. Filbfilb says:
I’d say it’s always the same, people are desperate not to miss the ‘bottom’ but this is especially funny when it instantly reverses. Trade hunters are absolutely screwed.
Long traders battling volatility led to 24-hour liquidations totaling $60 million for BTC and another $158 million for altcoins, according to data from analytics platform Coinglass.
Bitcoin and stocks correlation blurred
The cryptocurrency market has severely underperformed compared to conceptually related US stocks. Both the S&P 500 and the Nasdaq Composite Index ended the June 6 trading session above the open level, questioning their ties to crypto. Yassine Elmandjra, a cryptocurrency analyst at ARK Invest, reports with the charts below that Bitcoin’s overall correlation with the S&P hit all-time highs on a 30-day basis.
Yassine Elmandjra, further discussing BTC price action, while May’s 23.800 He argues that the “main” trendlines remain unchanged in BTC/USD, even considering the drop to the dollar.
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