The benchmark cryptocurrency peaked at $ 9,686 a quarter earlier as safe-haven assets, including gold, gained momentum as unemployment claims increased and US-China geopolitical tensions increased. The jump later prompted day traders to secure their short-term gains at local highs, which led to a downward correction.
Bitcoins fell down again
Spot bitcoins fell by up to 1.41 percent to $ 9,549 per coin due to the aforementioned profit-taking. The correction emerged as part of a broader upward trend that started in March 2020. After Bitcoin bottomed out at almost $ 3,858, central bank expansionary policy contributed to its recovery. On June 1, 2020, the BTC / USD exchange rate exceeded the $ 10,500 mark.
Analyst expects bitcoin shakeout
Ryan Scott – co-founder of Blackroots, an investment advisory firm specializing in cryptography – warned traders of an “insane shakeout wick” as Bitcoin moves north in upcoming sessions. The market analyst believes that traders have become “hyper-bullish” with a small upward movement. But in reality, Bitcoin is still trading within a lockdown range of $ 8,800 to $ 10,500. The cryptocurrency has repeatedly failed to break the upper threshold due to a high level of sales distortion in its vicinity.