Bitcoin (BTC) remained stable at the Wall Street open on June 7 after a night of losses that hit the bulls hard.

Hourly candlestick chart BTC/USD (Bitstamp). Source: Trading View

Coinbase Sees Noticeable Churn

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Data from Cryptooshala Markets Pro and trade view followed BTC/USD as it hovered around $30,000, still down 6% from previous highs.

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After lagging behind US equities on June 6, however, the pair managed to avoid falling further along with the stocks. At the time of writing, the S&P 500 is down 0.6% from the open and the Nasdaq Composite is down 0.5%.

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Analyzing the order book data, the online analytical resource Material Indicators noted that the wall of orders from the whale, which has been “replacing” the market in recent days, has finally dissipated. The organization previously posted a support line at $29,000.

“Looks like the whale we’ve been watching for fake for over a week has finally landed some BTC,” the post reads. disclosed next to the Binance order book chart.

“The $60M bids that we saw pop up just above $29K have been broken into smaller blocks, moved into an active trading range and appear to have been filled.”

BTC/USD order book data (Binance). Source: Essential Indicators/Twitter.

Another intriguing buying event occurred with Coinbase Pro, the professional trading offshoot of major US exchange Coinbase, which has seen tens of thousands of BTC outflows in the last 24 hours.

While potentially an internal transaction, an institutional client can now hold around $30,000 worth of BTC, according to data from an on-chain analytics platform. coin glass.

As such, the BTC balance on Coinbase is back to its lowest level since May 16th.

Coinbase BTC balance chart. Source: Coinglass

Bitcoin dominance hits 8-month high

Amid the relative lack of volatility, attention has focused on the dominance of bitcoin over struggling altcoins.

Bitfinex Bitcoin Longs Hit All-Time High, But Does This Mean BTC Has Bottomed?

On June 7, this dominance was 46.3% of bitcoin’s total market capitalization, the highest since October 2021.

“Once we break out of the high of the range, that’s when we will see the altcoins capitulate and I will look to place capital on the signs of a bottom forming and accumulating,” Crypto Tony trading account. said Followers on Twitter.

The views and opinions expressed here are solely those of the author and do not necessarily reflect those of Cryptooshala.com. Every investment and trading step involves risk, you should do your own research when making a decision.