Bitcoin’s Price Blasts Higher With $81M in Shorts Burned—Fed Cut Bets Hold Firm
Chainlink’s LINK Stages V-Shape Recovery After 14% Plunge
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By CD Analytics, Krisztian Sandor|Edited by Stephen Alpher
Updated Jun 9, 2025, 4:28 p.m. Published Jun 9, 2025, 4:16 p.m.
- Chainlink (LINK) experienced a significant price recovery after a 14.4% correction, finding strong support at $13.58.
- The price action suggests potential accumulation at lower levels, with bitcoin’s performance likely influencing LINK’s next major move.
- LINK’s price rose 1.4% in the past 24 hours, aligning with the broader digital asset market.
Chainlink
, the oracle network that helps bridging blockchain networks with external data, experienced significant price volatility in recent trading, recovering from a sharp 14.4% correction after finding strong support at $13.58.
The recovery gained momentum through consecutive higher lows, potentially pointing to accumulation at lower levels. However, bitcoin’s
performance will likely dictate the next major move for altcoins such as LINK.
STORY CONTINUES BELOW
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LINK rose 1.4% over the past 24 hours in line with the price action of the broader digital asset market.
The crypto market benchmark CoinDesk 20 Index was up 1.1%.
Technical Indicators Point to Continued Strength:
- LINK experienced a sharp 14.4% correction from $13.972 to $13.557, followed by a strong recovery with high-volume support at $13.582.
- Notable resistance emerged at $13.960-13.970, where selling pressure intensified twice during the trading session.
- At 10:00 UTC, price action marked a decisive breakout with the highest volume of the period (1,061,645 LINK).
- A new trading range established between $13.800-13.950, indicating potential continuation of the uptrend if volume remains supportive.
- V-shaped recovery pattern formed with strong buying at the $13.785-13.790 support zone.
- The $13.830-13.840 range now establishes itself as a potential new support zone for continued upward movement.
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.
Krisztian Sandor is a U.S. markets reporter focusing on stablecoins, tokenization, real-world assets. He graduated from New York University’s business and economic reporting program before joining CoinDesk. He holds BTC, SOL and ETH.
