Bitcoin’s Price Blasts Higher With $81M in Shorts Burned—Fed Cut Bets Hold Firm
AVAX Forms Critical Short-Term Support at $20.25 Level
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By CD Analytics, Tom Carreras|Edited by Sheldon Reback
Jun 9, 2025, 3:43 p.m.
- AVAX fell after rallying to $21.48, dropping to $20.25 in a 5.94% range swing.
- Significant selling pressure emerged at the $21.40-$21.50 resistance zone with volume exceeding 870,000.
- Recent hourly data shows AVAX forming a descending channel with selling volume spikes.
Avalanche’s AVAX
token continues to demonstrate significant volatility as it weakens following its recent rally.
After initially rising 3.72% from $20.71 to $21.48, AVAX experienced a sharp reversal, falling to $20.25 and establishing a critical support zone between $20.25 and $20.30, according to CoinDesk Research’s technical analysis model.
STORY CONTINUES BELOW
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Technical indicators suggest the $20.62-$20.63 level is emerging as a crucial floor for near-term price action, with accumulation interest appearing at these levels.
Meanwhile, the CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization, excluding stablecoins, memecoins and exchange coins — is up 1.1% in the last 24 hours.
Technical Analysis
• AVAX formed a clear resistance zone around $21.40-$21.50 with high-volume selling pressure.
• Support has developed in the $20.25-$20.30 range, with a notable volume spike.
• Price action formed a descending channel.
• Temporary support formed at $20.62, with subsequent accumulation leading to recovery.
• Hourly low coincided with 24-hour support zone, suggesting $20.62-$20.63 may serve as a critical floor.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
CoinDesk Analytics is CoinDesk’s AI-powered tool that, with the help of human reporters, generates market data analysis, price movement reports, and financial content focused on cryptocurrency and blockchain markets.
All content produced by CoinDesk Analytics is undergoes human editing by CoinDesk’s editorial team before publication. The tool synthesizes market data and information from CoinDesk Data and other sources to create timely market reports, with all external sources clearly attributed within each article.
CoinDesk Analytics operates under CoinDesk’s AI content guidelines, which prioritize accuracy, transparency, and editorial oversight. Learn more about CoinDesk’s approach to AI-generated content in our AI policy.
Tom writes about markets, bitcoin mining and crypto adoption in Latin America. He has a bachelor’s degree in English literature from McGill University, and can usually be found in Costa Rica. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
