Bitcoin Holds Above $63,000 on June 8, Extending 4% Weekly Gains

According to BlockBeats, Bitcoin held above $63,000 on June 8, extending gains of approximately 4% from Sunday. The rally was attributed to Michael Saylor, Strategy executive chairman, renewing signals of increased holdings, which markets viewed as a significant positive catalyst.

The cryptocurrency is trading near the critical 200-week moving average, historically considered a key support level for bull-bear transitions. FxPro chief market analyst Alex Kuptsikevich noted that the current market sentiment index has fallen to 8, similar to mid-2022 conditions when selling pressure eased but a sustained trend reversal took several months to materialize. Bitcoin futures open interest declined from a four-day high of 901,000 BTC to 716,000 BTC, indicating the prior sell-off was primarily driven by long liquidations rather than large short accumulation.