Bitcoin Holds Above $69,000 Despite Market Selloff and Volatility

Bitcoin remains above $69,000 despite market selloff.

  • Bitcoin remains above $69,000 despite market selloff.
  • US job market report affects crypto market dynamics.
  • High volatility and mixed signals in the crypto market.

Bitcoin managed to stay above $69,000 despite experiencing significant volatility over the weekend. The leading cryptocurrency dipped below $71,000 following a strong May employment report, which added 272,000 jobs and boosted investor confidence in potential interest rate cuts by September. Experts are closely watching Bitcoin’s resistance at $70,600 and support at $67,100.

The broader crypto market saw a selloff, triggered by the robust employment report and higher-than-expected wage growth. Bitcoin’s price fell below $70,000, erasing most of its weekly gains. This drop was accompanied by a significant decline in meme coins, including a 50% plunge in the GME meme coin. The derivatives market also saw a surge in Bitcoin futures positions, hitting a record high of $37.7 billion.

Analysts suggest that Bitcoin could potentially surge to $83,000 if it breaks above $72,000. Key support levels are around $68,400, $67,000, and $66,000, with resistance at $71,500, $72,350, and $73,500. Ethereum showed sluggish movement, while XRP dropped below the crucial $0.5 mark, indicating ongoing bearish sentiment.