Bitcoin falls again as it tries to maintain crucial support zone

The price of Bitcoin (BTC) has fallen again as the market’s largest cryptocurrency tries to maintain a crucial support zone for its upward trajectory. On June 7, Bitcoin’s journey falling below the $69,000 mark caught the attention of the cryptocurrency market.

A renowned cryptocurrency analyst has noted the recent movements of the largest cryptocurrency, highlighting that Bitcoin is currently anchored in a strong support zone between the $69,380 and $67,350 price levels. In this zone, 1.97 million addresses purchased 964,000 $BTC, according to the analysis. “Maintaining this level is crucial for BTC to sustain its upward momentum,” highlighted the analyst.

#Bitcoin is anchored in a strong support zone between $69,380 and $67,350, where 1.97 million addresses acquired 964,000 $BTC. Holding this level is crucial for #BTC to sustain its upward momentum. pic.twitter.com/B36CvZYrkL

— Ali (@ali_charts) June 8, 2024

In an analysis shared on June 8, Martinez noted in a chart from on-chain platform Glassnode that approximately 22,647 bitcoin tokens, worth more than $1.57 billion, were delisted from cryptocurrency exchanges last week. .

At the time of publication, the price of Bitcoin was quoted at US$69,417.89, down 2.7% in the last 24 hours. During this period, the largest cryptocurrency on the market recorded a trading volume of US$21,018,980,099.

Bitcoin Retraces Below $69K, Altcoins Drop 10-15% in Day

Last Friday, Bitcoin’s journey below the US$69,000 mark captured the market’s attention. After a failed attempt to sustain this level, the digital currency faced a rejection that resulted in a drop of more than two thousand dollars.

The start of the following week looked promising for Bitcoin, which surpassed the US$70,000 barrier on Monday. However, the boost was short-lived. Despite the brief moment above that level on Tuesday, the gains were not sustainable.

Before the release of US economic data, the price of Bitcoin reached a multi-week high, reaching $72,000. Shortly after the release, it faced a new round of selling that pushed it down again, reaching a multi-day low at $68,500.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.