Bitcoin Price Drops 2.5% to $104,937 Amid Geopolitical Tensions
Following Israel's military strike on Iran on June 12, global risk assets, including cryptocurrencies, experienced a significant drop. Bitcoin's price fell by 2.5% to $104,937, resulting in a market cap reduction of nearly $170 billion, now at $2.08 trillion.
The Binance BTC Net Taker Volume reached -$197 million, indicating a wave of aggressive sell orders driven by fear. Funding rates on Binance Futures turned negative, suggesting short sellers are paying a premium. Historical patterns indicate that similar sell-side imbalances may signal short-term bottoms; for instance, Bitcoin recovered 4% within 24 hours after a prior capitulation earlier this month.
Despite the downturn, long-term holders accumulated over 881,000 BTC in the past month. Additionally, US-listed Bitcoin ETFs saw inflows exceeding $970 million within three days.
Analysts indicate that stablecoin reserves are high and social sentiment is at a seven-month peak, potentially indicating an upcoming bullish reversal.
BTC Price Outlook
- RSI near 37 suggests Bitcoin is nearing oversold conditions, attracting dip buyers.
- A close above $105,000 could lead to a rally towards $107,500.
- The price is testing the lower Bollinger Band around $104,387.
- A rebound above the 20-day SMA at $107,963 would confirm a bullish reversal.
- The MACD indicates bearish momentum; failure to hold support at $104,800 may lead to further declines with a key level at $102,500.
BTC price chart with RSI and Bollinger Bands. Source: TradingView
BTC price chart with MACD. Source: TradingView
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- Current price: $0.00256
- Funds raised: $7.1 million
- Ticker: BTCBULL
- Payment options: ETH, USDT