Bitcoin on June 6 – BTC Liquidation Records After SEC Attack

One attack too many? – Yesterday, the financial police of the SEC attacked Binance. After this announcement, Bitcoin fell more than 6%. It’s not over, because the SEC has also decided to attack the American giant Coinbase. An otherwise surprising action since the SEC previously approved the listing of Coinbase on NASDAQ. Given the situation, the Bitcoin price is holding up, and even allowing itself the luxury of rebounding after the announcement of the SEC’s attack on Coinbase. Was it one attack too many? In this context of high volatility, the market is experiencing a record of buying liquidations.

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Bitcoin price climbs 1.4% in 24 hours

THE BTC remains strong after the announcement of the SEC attack on Coinbase. In fact, the price of BTC shows a 1.4% increase in 24 hours :

Performance of Bitcoin against different pairs – Source: Coincheckup

However, Bitcoin fall of more than almost 6% in one week. In one month, the price of BTC down nearly 10%. For its part, the BTC/ETH pair fall of almost 2% in 24 hoursand over 3% in one week. Ethereum is stronger than Bitcoin during this fall.

Record liquidations on the price of Bitcoin

Yesterday, Bitcoin price closed the day with a fall of more than 6%. The course had been evolving for a few weeks with few of volatility. Yesterday’s volatility resulted in a lot of buying liquidations on the market :

Bitcoin is seeing the biggest buying selloffs since March 9 - June 6, 2023.
Liquidations on Bitcoin Source: Coinglass

The market registers more than $100 million in liquidations on the long side (buyers). According to data from Coinglass, this is the biggest day of buying liquidations since March 9. On Twitter, the official Coinglass website indicates that it is even the biggest day of buying liquidations since the beginning of the year.

Bitcoin price breaks support at $26,700

With the movement seen yesterday, the price broke the bracket at $26,700. The sellers managed to pull the buyers back, and the price closed below the last low at $25,800 in 4H time unit:

Bitcoin price broke support at $26,700, buyers need to react quickly - June 6, 2023.
Bitcoin price against the dollar (4H)

The course is in the process of bouncebut he will quickly have to face the institutional bias (EMA 9/EMA 18) bearish that could act as a dynamic resistance. Buyers must absolutely resume the level of bracket at $26,700 to avoid sliding towards the next bracket at $25,000.

The RSI got rejected at the level of the bullish trendlineTHE sellers have their hands on the momentum. Momentum will need to be regained with ascending lows and highs for buyers to recapture momentum.

In the end, the cryptocurrency sector is once again experiencing difficulties. As the industry began to slowly recover from the FTX bankruptcy, the SEC attacked Binance and Coinbase. Yesterday’s downtrend sets the cryptocurrency market to a record high in 2023 sell-offs. BTC price drops and breaks support at $26,700, buyers will need to react quickly to avoid a return to support at $25,000.

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