Today, the price of Bitcoin (BTC) fell sharply 2.93% to hit $ 9,160 before traders stepped in to bring the price back down to the $ 9,200 level.
Weekly cryptocurrency market price chart. Source: Coin360
The slight correction It happened when the Dow fell 370 points and the S&P 500 and Nasdaq also saw small losses. Gold also fell 0.92%But it’s still only $ 17 off its recent high of $ 1,818.
XBT-USD settlements on BitMEX. Source: Skew
The drop below USD 9,200 resulted in USD 15 million in BitMEX liquidations and at the time of writing the price is pinching between the 100-MA and the downtrend line from the local high at $ 10,376.
4-hour BTC / USDT pair chart. Source: TradingView
As shown in the 4 hour time frame, There is a neutral doji candle, which shows that bulls and shorties disagree on the direction the Bitcoin price will take.
Also, in the hourly time frame, the RSI has plunged into oversold territory and traders are likely to look for an oversold bounce soon.
In such a situation, Traders will need to watch the trading volume as the price will need to clear the 20-MA ($ 9,300) to restore the bullish momentum registered during June 8.
Returns of the current year of macro assets (%). Source: Skew
Despite this slight bump in bullish price action on Bitcoin, the digital asset continues to be the asset with the best performance so far this year with a return of 28.21%.
Bitcoin daily price chart. Source: Coin360
As Bitcoin’s price corrected, many altcoins also took a breather after a stellar week where they saw a lot of double digit gains. Ether (ETH) fell 2.37%, Cardano (THERE IS) fell 7.37% and Chainlink (LINK) lost 4.52%.
According CoinMarketCap, the total capitalization of the cryptocurrency market is now USD 271.5 billion and Bitcoin’s dominance rate is 62.8%.