Bitcoin Price Reaches $69,000 After Flash Crash: What’s Next for BTC and ETH?
Bitcoin surged to $69,000 on June 8, but traders were left reeling after a sudden sell-off. The cryptocurrency market experienced a rollercoaster ride as Bitcoin and Ether struggled to recover from the flash crash.
The chaos began when the United States employment data was labeled as “schizophrenic,” causing a spike in volatility during the Wall Street open. This was followed by a market rout in altcoins, triggered by a livestream from pseudonymous investor Roaring Kitty.
Bitcoin hit a low of $68,450 on Bitstamp, while Ether briefly dropped below $3,600. Trading firm QCP Capital described the U.S. session as “doubly strange,” attributing the market turmoil to upcoming macro data prints and the Federal Reserve meeting.
Despite the uncertainty, QCP Capital saw the dip in prices as a buying opportunity, especially with potential benefits from future Fed moves. Key levels to watch included the monthly open around $67,500, with traders closely monitoring the market for signs of recovery.
A silver lining emerged as leverage flush across Bitcoin and Ether, with approximately $2 billion lost in open interest. Global liquidity trends had previously hinted at a BTC price breakout to all-time highs.
As the market continues to navigate through the turbulence, investors are advised to conduct their own research and exercise caution in their trading decisions.