Bitcoin Plunges After Facing Resistance at Key Price Level

Bitcoin has plunged 5% in the past 24 hours to trade at $29,629 in a wider crypto bearish momentum after failing to surpass the $32k level.

BTCUSD is down -5.7%

The on-chain analytics resource Material Indicators shows a significant buy pressure at the current level of $29k, with a possibility of further decline to as low as $28k.

Data from Coinglass shows that the selloff led to $60 million liquidation in BTC and $158 million in altcoins.

Bitcoin underperformed significantly compared to its purportedly correlated technology stocks. S&P 500 and Nasdaq Composite Index ended June 6 trading session above their open.

Cryptocurrency asset analyst at ARK Invest, Yassine Elmandjra, says that bitcoin’s general over correlation to the S&P has peaked on a rolling 30-day basis. Elmandjra adds that the major trendlines in BTC/USD remained intact, citing May’s decline to $23,800.