The price of Bitcoin went on to recommit itself to the trading range on the 7th of June after a completely fresh move was met with a fast sell-off. According to data that was received from TradingView and Cointelegraph Markets Pro, it was understood that the exchange had decisively rejected the price at the resistance zone it had last encountered on the 1st of June. The BTC/USD pair had then delivered the daily gains in an excess of 6%, but the approach was then shifted to $32,000- with the cryptocurrency giving back around $2,500 in just a few hours.
Bitcoin Price Crashes In A Few Hours
This resulted in the cryptocurrency creating a classic Bart Simpson structure which was thus formed on hourly timeframes as most of the frustrated traders came to terms with the existing paradigm- which surprisingly remained unchallenged. Michael van de Poppe, one of the contributors for Cointelegraph, went on to state that this was the standard price action taking place again on Bitcoin in which most of the lows were completely swept. They also implored that if the cryptocurrency was to hold at the price of $29K- BTC would still have enough to go for a slight run.
It has also been reported that the altcoins of Bitcoin have performed quite underwhelmingly when compared to their notionally correlated United States equities. Both the Nasdaq Composite Index as well as the S&P 500 finished the trading session on the 6th of June- which put their relationship with the cryptocurrency in question. Yassine Elmandjra- one of the crypto asset analysts at ARK Invest also noted that the overall correlation of BTC to the S&P had reached new all-time highs on a rolling 30-day basis.
When speaking about the price action of Bitcoin, he also stated that most of the major trendlines still remained intact on the BTC/USD exchange.