On June 17, Bitcoin BTC ($103,883) fell below $105,000 as analysts cautioned that a “big move” was still to come.
The price of bitcoin is “brewing.” — Merchant
Following the opening of Wall Street, the Bitcoin/USD exchange rate touched intraday lows of $104,401, according to data from Cointelegraph Markets Pro and TradingView.
A uncommon sequence of eleven red hourly candles held bulls in check, but order book analysis warned that the downside may quickly get out of control.
Regarding changing bid liquidity as the price dropped, trading resource Material Indicators explained on X, “This is what manipulation looks like in the $BTC order book.”
As Cointelegraph previously noted, liquidity “spoofing” is a prevalent occurrence on cryptocurrency markets when high volume traders want to affect the course of prices.
The day before, Material Indicators acknowledged that “the door to $110k is open if bulls can push above $108k.”
Well-known trader Skew was reasonably upbeat when discussing the strength of the market as a whole. He pointed out that despite significant geopolitical pressure, bitcoin traders were acting more sensibly than they had in previous market downturns.
However, he cautioned, volatility was imminent.
A portion of an X post stated, “The market isn’t panicked yet for a 3% or so pullback, even though on LTF there is obvious hedge bias. Previous dips were 5% or so, but had aggressive shorting, spot selling, and an increase in volatility with sell momentum/Volume.”
The “deeply oversold” US currency suggests a resurgence.
Views on the crisis in the Middle East were far from panicky, as gold prices declined and the strength of the US dollar displayed indications of bullish divergence.
Related: At $112K, the top metric for the price of bitcoin over the past 10 years remains “neutral.”
In continuing resource trading and X analysis The Kobeissi Letter rejected the notion that tensions between Iran and Israel would turn into a world war.
“Even though gold is powerful, it keeps telling the same story: World War 3 is not imminent,” it said at the end of the day.
Bitcoin’s typical inverse trader, the US dollar index (DXY), hinted at a comeback from multiyear lows.
Asset managers have a significant shortfall in the US dollar. The DXY had a significant rebound the previous time positioning was this bearish, according to trader and market expert Guilherme Tavares.
