Why is Bitcoin price down today?
Bitcoin price has dipped by approximately 3.25% in the last 24 hours to reach $3,690 on June 8. The BTC/USD pair is outperforming the broader crypto market, whose valuation has dropped 3.75% in the same period.

Among the top catalysts driving Bitcoin's lower prices today are better-than-expected job data in the United States and a slight depletion in the BTC supply held by its richest whales.
Rising bond yields hurt traders' appetite for Bitcoin
Bitcoin's price decline today came primarily on the heels of a strong U.S. employment report for May.
Nonfarm payrolls surged by 272,000 in the past month, surpassing all 77 estimates in Bloomberg's economist survey. Treasury yields surged following the release, with both two-year and 10-year yields rising by approximately 12 basis points.

Stocks declined, with the benchmark SP 500 Index down around 0.3%. Meanwhile, the dollar strengthened.
Rising yields often indicate higher borrowing costs and can lead to reduced risk appetite. As a result, investors tend to move away from riskier assets like stocks and cryptocurrencies in favor of safer investments.
Richest Bitcoin whales cashing out?
Today, Bitcoin's price decline coincides with a slight dip in the BTC supply held by its richest holders.
Notably, the Bitcoin supply held by "whales" with at least 100,000 BTC (black) in holdings has dipped 0.2% in the last 48 hours. In other words, these investors are either redistributing their holdings into smaller addresses or cashing out altogether.

Nonetheless, lower Bitcoin supply cohorts, such as the 10,000-100,000 BTC and the 1,000-10,000 BTC ones, have been accumulating in recent months.
Bitcoin is unable to break past $70K
From a technical viewpoint, Bitcoin's decline today has started after testing its interim resistance level at around $70,000. The cryptocurrency has been failing to close decisively above the said level since mid March.

However, this resistance level appears to be the neckline of Bitcoin's prevailing inverse-head-and-shoulders (IHS) pattern. This classic bullish reversal setup resolves when the price breaks above the neckline and rises by as much as the maximum distance between the pattern's lowest point and the neckline.

Bitcoin's primary upside target for July is over $90,000 if the IHS pattern plays out as intended. Conversely, a pullback from the neckline risks sending the BTC price toward its 50-day exponential moving average (50-day EMA; the red wave) at around $66,740.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Michael Saylor’s Take on Bitcoin as a Strategic Reserve

World Liberty Financial Bets Big on Crypto with $25M Investment Ahead of Trump Summit

Franklin Templeton says Solana’s DeFi rise presents a threat to Ethereum
Share link:In this post: A Franklin Templeton report suggested that Solana threatened Ethereum due to its growing influence. Solana’s DEX volumes surpassed the Ethereum ecosystem in January, highlighting a potential market shift. According to the report, the shift to activity to the layer two blockchain shows the Ethereum scaling approach was working.

Research Report | In-Depth Analysis of the RedStone & RED Token Market Value

Trending news
MoreCrypto prices
More








