Bitcoin BTC$63,271.85 has carved out a relief bounce after plunging below $60,000 on Friday, but a bounce and a bullish revival are two very different things. The latter hinges on a couple of key price levels, according to analysts.

“The market has become oversold enough for sharp relief rallies, especially if inflation data softens and ETF outflows slow,” analysts at HEX Trust said in an email. “But the difference between a relief rally and a regime shift is acceptance … BTC needs [to retake] $79k-$80k.”

In other words, anything below $80,000 would be seen as a corrective bounce within the broader bear market that began last year. Only a move beyond that would signal the beginning of a new advance.

Their stance may be overly cautious, according to some observers.

“Technically, a recovery up to $68K could be viewed as a rebound from the downward momentum seen between 11 May and 5 June,” said Alex Kuptsikevich, the chief analyst at FxPro, hinting at a lower price level to beat for the bulls.

A rally even to these levels hinges on ETF flows and macro factors. The 11 spot bitcoin ETFs listed in the U.S. have processed redemptions over $5 billion in the past four weeks. On Monday, investors yanked another $91 million, according to data source SoSoValue.

These outflows need to meaningfully reverse for the bitcoin price to gain upward momentum. In addition, Wednesday’s U.S. inflation data may have to come in softer than expected, easing concerns the Fed will raise interest rates. The data is expected to show the cost of living topped 4% in May, well above the Fed’s 2% goal.

“The constructive path is conditional: inflation softens, Treasury yields stabilize, AI equities stop de-risking, BTC/ETH ETF outflows slow, and the market reclaims the key technical levels. Until then, the conclusion is deliberately simple: below the reclaim, there is no regime shift,” Hex Trust said. Stay alert!

Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”

What’s trending

Today’s signal

The chart shows bitcoin’s hourly price swings in candlestick format along with the MACD histogram in the lower pane, which shows trend changes and strength.

Prices are currently trading close to a trendline, which represents the mini-bounce from Friday’s low. A break of this trendline would mark the end of the bounce and open the path for a potential test of recent lows.

The negative MACD histogram suggests bearish momentum is strong, meaning the trendline support may not last long.

• BitMine tripled its weekly ETH buy to 126,971 tokens, now holding 4.59% of supply.
• Only 11% of ETH supply is in threefold profit, the lowest reading since Feb 2017.
• A weekly close below $1,500 could push ETH toward the $1,000 support zone.

The Ethereum price dropped to a low of $1,522 last week before bouncing back within the $1,670–$1,712 range at the beginning of this week.

While the recovery is modest, the ETH price is still down 15.3% over the past seven days and 28.1% over the past 30 days. From its all-time high of $4,946 set in August 2025, the token has now shed roughly 66% of its value.

Yet while most retail traders were heading for the exit, BitMine Immersion made a huge purchase.

BitMine makes its biggest ETH buy of 2026

According to the circulated press release, BitMine (NYSE: BMNR) acquired 126,971 ETH last week, tripling its previous week’s purchase of 26,497 ETH.

That brings the company’s total holdings to 5,543,872 ETH, approximately 4.59% of Ethereum’s total supply.

BitMine has stated it intends to reach 5% ownership before the end of 2026, meaning it sits at 92% of that target today.

Currently, the company values its ETH position at roughly $9.04 billion.

Of that, 4,718,677 ETH, worth about $7.7 billion, is actively staked through BitMine’s MAVAN institutional staking platform at a current 7-day yield of 2.99%, generating a projected $230 million in annualized staking revenue.

Chairman Tom Lee has said that at full scale, staking rewards could reach $270 million annually.

Lee’s reasoning for the buy is straightforward. He said the price decline “does not reflect the strengthening of Ethereum’s fundamentals,” adding that the current environment represents the early stages of what he calls a “crypto spring.”

Lee also made a case for Ethereum’s longer-term relevance in the age of AI, arguing that as AI systems become more capable, demand for hardened, decentralized infrastructure will grow, and that Ethereum is positioned to benefit.

What the Ethereum price charts and on-chain data are saying

Despite the institutional buying, the technical picture for the Ethereum price remains bearish.

On the daily chart, ETH is trading well below its 20, 50, and 100-day exponential moving averages (EMAs), which are clustered between $1,874 and $2,178.

The 14-day RSI sits around 27, and the Stochastic oscillator is at 26, both in oversold territory, though neither has confirmed a reversal.

The MACD reads -143.07, sitting below its signal line of -118.76, while the Aroon Oscillator is at -78.57, indicating sellers still have the upper hand.

The on-chain data reinforces just how stressed this market is.

Only about 11% of Ethereum’s supply currently sits at a threefold profit margin, the lowest reading since February 2017.

Crypto analyst Ali Charts flagged this exact condition, posting on X that ETH trading below the 0.8 MVRV pricing band is a “high-probability long-term accumulation zone.”

He also identified a TD Sequential buy signal, which can suggest seller exhaustion, though it does not by itself confirm a trend reversal.

Ethereum $ETH below the 0.8 MVRV Pricing Band is a high-probability long-term accumulation zone.

Buy the dip! https://t.co/LNkygeXO5n pic.twitter.com/2GYDUzFnQi

— Ali Charts (@alicharts) June 8, 2026

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Analyst Ash Crypto drew a parallel between the current price action and Ethereum’s June 2022 breakdown, when the Ethereum price collapsed to $880 before bottoming out and recovering.

He noted the current decline represents approximately 68% from the August 2025 peak near $4,953.

Ash’s view is that if the ETH price holds the $1,500 level on a weekly closing basis, a similar recovery pattern could follow.

However, he cautioned that a weekly candle closing below $1,500 could expose the next major support zone around $1,000.

$ETH has only done this once before in its entire history.

Back in June 2022, ETH broke through every support level and crashed to $880. Everyone gave up on it. That turned out to be the exact bottom of the whole bear market.

Now it’s June 2026, the same month, same breakdown,… pic.twitter.com/v8IulXZuPl

— Ash Crypto (@AshCrypto) June 8, 2026

On the ETF side, the picture is mixed. The US spot Ethereum ETFs saw $540 million in net outflows throughout May, followed by an additional $168 million in early June.

That said, June 8 marked a reversal, with $82.37 million in daily net inflows recorded, bringing total cumulative inflows to $11.28 billion with aggregate net assets standing at $9.36 billion.

Ethereum has also recorded roughly $66.3 million in liquidations over the past 24 hours, with $33.8 million on the long side, reflecting ongoing volatility and the risk that any short-term bounce remains fragile.

Ultimately, the seven-day trading range of $1,522–$1,980 captures just how wide the swings have been and whether the $1,500 zone holds, and whether BitMine’s conviction buy marks a turning point remains to be seen.

The recovery in bitcoin BTC$63,271.85 stalled Tuesday even after Strategy (MSTR) bought more of the largest cryptocurrency following its end-May sale.

Bitcoin was recently trading near $62,600, little changed from Monday. This follows Sunday’s 4% bounce, which briefly took prices above $64,000 on some exchanges, including Coinbase.

Strategy, the largest publicly listed bitcoin holder, said Monday it had bought 1,550 BTC for $101 million, bringing its total stockpile to 845,256 coins. While that’s about 48 times the 32 BTC it sold in the final days of May, the purchase failed to stir the token’s price.

BTC’s immobility isn’t doing any good to the broader market either. The CoinDesk DeFi Select Index has dropped 1.8% in 24 hours and the CoinDesk 80 Index is down 1.3%.

The mood clearly remains risk-averse, with investors lacking conviction to chase upside.

“Bitcoin’s recent rebound shows there is still demand when prices pull back, but investors are not committing capital with the same level of confidence we saw earlier in the year,” Daniel Reis-Faria, CEO of ZeroStack, said in an email.

“While a lot of attention has been placed on Strategy’s buying activity, the bigger factor remains the broader economic environment. Investors are paying close attention to inflation and interest rate expectations ahead of next week’s FOMC meeting, as these factors influence how much risk they’re willing to take across all asset classes, including crypto,” Reis-Faria said.

Derivatives positioning

• Total crypto futures volume slipped 1.3% to $190.7 billion in 24 hours while open interest held largely flat around $103 billion. Liquidations crashed 48% to $301 million, a sign that the most aggressive leverage has already been flushed from the system.
• ZEC is the standout in futures markets. Open interest has climbed roughly 5% to 2.47 million tokens, the highest since May 26, as the token trades at $472, sharply recovering from lows under $300 last week.
• Its 24-hour cumulative volume delta (CVD) is positive, meaning buyers are driving price action with market orders rather than passive limit orders. The catch is that annualized perpetual funding rates remain deeply negative at around -45%, meaning shorts are still firmly in control of positioning. That sets up a potential short squeeze should prices continue rising, as bears face mounting costs to hold their positions.
• Open interest in WLD remains just shy of last week’s record 963.6 million tokens, signaling elevated positioning and heightened potential for price volatility. Bitcoin and ether open interest are steady near Monday levels.
• The 24-hour CVD for most major coins, including bitcoin and ether, is negative, meaning bears are leading price action across the broader market.
• BVIV and EVIV — bitcoin and ether’s 30-day implied volatility indexes — continue their retreats from Friday’s highs, suggesting panic is ebbing. But front-week implied volatility in both is sharply elevated, pointing to heightened expectations around Wednesday’s U.S. CPI release.
• On Deribit, the $60,000 put remains a focal point and is among the most actively traded strikes across multiple expiries in the past 24 hours. The one-week risk reversal is heavily skewed toward puts, with BTC puts trading at an 8 vol point premium to calls, a persistent signal that fears of a deeper price selloff have not gone away.

Token talk

• Humanity Protocol’s H token crashed more than 80% after attackers stole the private keys — the secret codes that control crypto wallets — of a Humanity Foundation member and drained more than $32 million from about 17 wallets, with losses still climbing.
• The token fell from about $0.67 to near $0.13 and briefly touched $0.05, a 24-hour drop of roughly 90%.
• The theft is still in progress. The attacker has been selling the stolen H for ether and minted another 100 million H, worth about $11 million, on BNB Chain, pointing to more selling pressure ahead.
• Humanity, a palm-scan identity project that pitches itself as a rival to WLD$0.5038, told users to stop touching its bridge and liquidity pools while it works with security firms and exchanges.
• The attack fits the dominant 2026 pattern of thieves going after keys rather than code. Solana’s Drift lost about $285 million in April after attackers seized an administrative key, and Kelp DAO lost roughly $292 million the same month through a single-validator bridge.
• Sahara AI’s SAHARA fell about 60% to roughly $0.016, near its all-time low of $0.01355. About $215 million changed hands against a market cap near $49 million, turnover more than four times the token’s size and the mark of a capitulation event.
• Unlike Humanity, Sahara said there were no security issues with its contracts or products, the same line it posted verbatim on Nov. 29, 2025, when the token fell from about 7 cents to 4 cents. It blamed a pre-scheduled 600 million token transfer to its Chainlink cross-chain bridge and said team and investor allocations are untouched on-chain.
• SAHARA is now down roughly 75% since its June 2025 debut.

The US dollar strengthened against its major counterparts after the release of a robust US labour market report. Non-farm payrolls increased by 172K in May, well above the forecast of 85K, confirming the resilience of the US economy and reducing expectations of an imminent easing of monetary policy by the Federal Reserve. Additional support for the greenback comes from rising geopolitical tensions in the Middle East, which continue to boost demand for safe-haven assets.

Investors remain focused on developments in the conflict between Israel and Iran. Over the weekend, both sides exchanged large-scale strikes, leading to a further escalation of tensions in the region. The increase in geopolitical risks is contributing to persistent uncertainty across global financial markets and strengthening demand for the US dollar as a safe-haven currency. Against this backdrop, market attention is gradually shifting towards upcoming US economic releases, which are expected to either confirm or challenge the sustainability of the current bullish momentum in the dollar.

USD/CAD

Previously identified reversal patterns in USD/CAD played out successfully, allowing buyers to test a key resistance level on the daily timeframe near 1.3960.

From a technical perspective, USD/CAD has approached a resistance zone formed at the end of March. Following the sharp rally, the market may enter a profit-taking phase, particularly if upcoming macroeconomic data fail to support further dollar strength. However, as long as the pair remains above nearby support levels, the upward momentum is likely to remain intact. A decisive break and close above 1.3960 could pave the way for further gains towards the 1.4000–1.4050 area.

Key events for USD/CAD:

• Today at 15:15 (GMT+3): US ADP Employment Change;
• Today at 15:30 (GMT+3): Canadian Trade Balance;
• Today at 17:00 (GMT+3): US Existing Home Sales.

USD/CHF

USD/CHF also received support from the strong NFP report and continues to advance towards this year’s March highs in the 0.8020–0.8040 region.

Technical analysis of USD/CHF points to the possibility of a test of the nearest resistance levels at 0.8020–0.8040. Should a corrective decline begin, the pair may retreat towards the 0.7910–0.7940 area.

Key events for USD/CHF:

• Today at 18:30 (GMT+3): Atlanta Fed GDPNow estimate;
• Today at 19:00 (GMT+3): EIA Short-Term Energy Outlook;
• Tomorrow at 15:30 (GMT+3): US Consumer Price Index (CPI).

In summary, the strong employment report has reinforced the dollar’s position and reduced expectations of near-term Federal Reserve policy easing. Geopolitical risks in the Middle East remain an additional supportive factor. At the same time, both USD/CAD and USD/CHF have already approached significant resistance levels, meaning that future price action will depend both on buyers’ ability to establish a foothold above key thresholds and on the next round of US macroeconomic data.

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Humanity Protocol has disclosed that more than $36 million worth of H tokens have been stolen after attackers compromised multiple administrative keys and seized control of bridge infrastructure across Ethereum and BNB Smart Chain.

According to Humanity Protocol’s June 9 incident update, the attack originated after an employee’s laptop was compromised, allowing the attacker to gain access to key holders tied to the project’s bridge administration systems.

The disclosure expands on an earlier statement from Humanity founder and CEO Terence Kwok, who had confirmed that private keys belonging to a Humanity Foundation member were compromised. 

At the time, the project warned users to avoid the Humanity bridge and related liquidity pools while an investigation was underway.

Compromised bridge controls enabled token theft and minting

Details released by Humanity Protocol show that three of six Gnosis Safe owner keys controlling the Hyperlane bridge ProxyAdmin on Ethereum were compromised. Using those credentials, the attacker transferred ownership of the ProxyAdmin contract to a wallet under their control, upgraded the bridge contract to a malicious implementation, and moved about 141.2 million H tokens in a single transaction.

On BNB Smart Chain, the attacker compromised three of five Safe owner keys and carried out a similar takeover of the bridge’s ProxyAdmin contract. Humanity Protocol said the attacker then deployed a malicious contract containing an unlimited mint function and created 200,000,005 H tokens in two separate transactions.

Earlier on June 9, on-chain analyst Specter reported that more than 17 wallets connected to or interacting with Humanity Protocol had been drained. Initial estimates placed losses near $19 million before later blockchain trackers raised the figure above $30 million.

Blockchain monitoring data cited by Specter showed that the attacker sold a portion of the stolen tokens and converted part of the proceeds into Ethereum. According to the analyst’s Telegram update, roughly $23.7 million had been swapped into ETH, while about $7.9 million remained in H tokens.

Separate monitoring from Blockaid had suggested the attacker obtained proxy administrator rights on BNB Smart Chain and minted 100 million H tokens. Humanity Protocol had not confirmed that claim at the time, though the latest incident report now confirms that the attacker gained administrative control and minted additional H on the network.

Team working with exchanges and law enforcement

In its latest statement, Humanity Protocol said deposits and withdrawals through the affected bridges have been halted while response efforts continue.

The project said it is coordinating with exchanges and other parties to reduce further damage. Alongside an internal investigation, Humanity Protocol said it is also working with police authorities in an effort to investigate the breach and recover some of the stolen funds.

“We know words can’t fix this, but we’re going to show up, keep you in the loop, and do the work to earn back the trust you placed in us. We’re not going anywhere and are still continuing to build.”

Before the latest technical breakdown was published, Kwok said the team was working with security specialists and exchange partners. No reimbursement plan or recovery framework had been announced at that stage.

Market reaction to the exploit was severe, with the protocol’s native token plummeting over 90% in the aftermath.

Source: crypto.news

Humanity Protocol operates a zkEVM-based identity network that uses zero-knowledge proofs and palm biometrics to verify users without storing their personal information in centralized identity databases.

The team said a full post-mortem report will be released once the investigation progresses further.

NVIDIA’s revenue for the first quarter of fiscal year 2027 surged by 85% to $81.62 billion, marking another record quarter for the company. Adjusted earnings per share came in at $1.87, exceeding the Wall Street consensus forecast of $1.76. The primary driver of growth remains the data centre segment based on the Blackwell architecture, which accounts for approximately 92% of the company’s total revenue.

At the same time, uncertainty surrounding the Chinese market persists. Although small batches of H200 chips intended for Chinese customers received approval from US regulators, the company has yet to recognise any revenue from these shipments. Regulatory considerations therefore remain a key source of caution in investor assessments.

Technical Outlook

On the four-hour chart, an upward structure has been evident since April. The share price advanced from lows around 165 to May highs near 236, forming a series of higher lows. The ascending trendline drawn through the key support points of this move is currently being tested, with the price attempting to break below it.

The red resistance level around 232 and the green support level near 205 represent the nearest reference points within the current trading range. The Point of Control (POC) zone at 221–222 and the upper boundary of the volume profile around 225 could serve as intermediate targets should a recovery develop.

The price is currently trading below the lower boundary of the volume profile, which may act as the nearest stabilisation area if retested. The RSI indicator and moving averages are showing readings of 41, 48 and 50 respectively. The oscillator remains below the neutral zone, although the indicator’s average lines do not yet confirm the emergence of a clear directional trend.

Key Takeaways

The record earnings report was not enough to prevent a correction in NVIDIA shares, suggesting that the market had been anticipating even stronger results. Meanwhile, regulatory uncertainty regarding shipments to China remains in place. Future price performance will largely depend on how resilient demand from hyperscalers proves to be in the absence of meaningful revenue contributions from the Chinese market.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.