Bitcoin Price Bounce at $8.8K Support Shows Traders Keep Buying the Dip – Cointelegraph

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Bitcoin day-to-day cost chart. Source: Coin360.
As Bitcoin rate corrected a number of altcoins likewise suffered heavy losses. Ether (ETH) visited 4%, Chainlink (LINK) lost 6.42% and DeFi token Compound (COMP) fell by 13.17%..
According to CoinMarketCap, the total cryptocurrency market cap now stands at $255.7 billion and Bitcoins supremacy rate is 65.1%.

” The alternatives expiry did not have a significant effect as the majority of the call choices were aimed at $10K or greater. This event cleaned out 67% of the previous days $1.7 billion in open interest, consisting of 70% of the Chicago Mercantile Exchange (CME) and 50% at Deribit.
The futures expiry had a slightly various story as CME traders rolled over – reopened at a longer developing – the majority of the futures positions on June 25, leaving a mere $38 million for Fridays expiry. Bitmex and Deribit open interest likewise stayed the same after expiry, suggesting most positions were rolled over however at OKEx half of the $860 million futures contracts open interest grew.
In general this suggests traders hesitate to open new positions ahead of the weekend. Fridays financial markets unfavorable efficiency may have spooked Bitcoin investors as the connection between the S&P 500 and BTC remains relatively high.”.

Within the last hour Bitcoin (BTC) rate dropped listed below $9,000 to a daily low at $8,813. Considering That June 24 Bitcoin cost has been losing momentum while pinned below the 20-MA and todays drop to $8,813 accompanied a surge in sell volume..

BTC USDT daily chart. Source: TradingView.
If bears be successful in pressing the rate below this level, the top-ranked digital asset could drop to the 200-MA at $8,325, however failure to find assistance at this moving average could see the cost sink lower to the $7,400 to $6,800 zone.
Weekend corrections take place on thin trading volume.
Investors are accustomed to mild pullbacks over weekends as trading volume tends to thin. Its also possible that bigger size traders are watching from the sidelines after the other days $1.06 billion BTC options and futures expiry and the approaching monthly close next Tuesday..
According to Cointelegraph factor Marcel Pechman the market is in a bit of a neutral zone after Fridays huge choices expiration. In private comments Pechman said:.

Crypto market weekly cost chart. Source: Coin360.
As talked about in previous analysis, purchasers have been keen to buy every dip below $9,000 and todays drop brought the price near the edge of a key high volume VPVR node at $8,800..