He now says Bitcoin is still holding strong support near $60,000 and that a narrowing Coinbase discount to Binance may signal easing ETF-related selling pressure ahead of a potential weekend rebound.
B.TOP founder Jiang Zhuoer said on June 5 that he had repurchased all previously sold Ethereum positions at an average price of $1,645, after earlier fully exiting those holdings in the $2,200-$2,400 range. He said the broader market remained in a downtrend, but added that Bitcoin had twice held support near $61,000, raising the possibility of a short-term technical rebound within one to three days, during which he planned to sell the rebought ETH again. In a June 6 update, Jiang said Bitcoin had not effectively broken below the stronger $60,000 support level and that Coinbase’s discount to Binance was narrowing, which he said suggested selling by U.S. stock-market institutions such as ETF investors was easing. He added that the crypto market may rebound over the weekend.