On Friday (June 6) during the Asian trading session, Bitcoin fell over 2% to around $102,414, stabilizing above $101,500, showing strong resilience despite the market unease caused by new tariffs proposed by the Trump administration.
Yesterday, Bitcoin briefly fell nearly 4%, testing the $100,000 support level before rebounding to above $101,500. The market faced high volume sell-offs and significant outflows from exchanges, reflecting a decrease in retail activity. Meanwhile, Ethereum dropped 4%, repeatedly failing to break the key resistance level of $2,640. Despite continuous buying from institutions, with whales accumulating over $285 million, the overall pressure remains.
Forexlive points out that due to the lack of changes in the macro environment and the market waiting for key U.S. data releases, the recent upward momentum of Bitcoin has weakened. Nevertheless, economic growth expectations remain optimistic, which is likely to continue supporting Bitcoin in the long run.
The only risk facing risk assets currently is: if inflation concerns worsen, the market may reprice interest rate hike expectations and shift to a more hawkish stance. This repricing could trigger a larger pullback in Bitcoin and the stock market in the short term, although the overall upward trend remains intact.
The market's focus has shifted back to economic data, particularly inflation. There are three key events in the coming weeks: tomorrow's Non-Farm Payroll report (NFP), next week's U.S. Consumer Price Index (CPI), and the Federal Reserve's interest rate decision (FOMC) the following week.
Bitcoin Technical Analysis
On the 4-hour chart, Bitcoin has broken below a key trend line and continued downward after a retest, reaching around $102,127. From a risk management perspective, this position provides a good risk-reward ratio for bulls, potentially preparing for new highs. The current price is consolidating below the newly formed resistance level of $106,800.
On the 1-hour chart, Bitcoin is in a compression zone between two trend lines. Bulls may continue to increase positions relying on the upward trend line and further bullishness after breaking the downward trend line; while bears may continue to position near the downward trend line and increase short positions upon breaking the upward trend line.
Bitcoin bullish to $120,000 by the end of the year
Semir Gabeljic, Capital Formation Director at Pythagoras Investments, noted that despite some volatility caused by tariffs, market traders remain firmly bullish, expecting BTC to reach $120,000 by the end of the year. This confidence stems from continued corporate buying and decreased volatility.
Gabeljic also mentioned that traders on Polymarket believe there is a 69% chance Bitcoin will reach $120,000 by the end of the year. Meanwhile, Paris-based market maker FlowDesk stated that although the market has been stable recently, Bitcoin is poised for a breakout, potentially surpassing historical highs.
Although the funding rates on exchanges like Binance have slightly decreased, indicating reduced leverage usage, on-chain lending activity has increased, which may suggest that the market is about to explode.
Continuous corporate buying further reinforces bullish expectations. Currently, publicly listed companies hold approximately 809,100 Bitcoins, worth nearly $85 billion, almost double that of the same period last year.
$TRUMP token plummeted 9.3%
The presidential-themed $TRUMP meme coin fell 9.3% yesterday, far below the overall crypto market (CoinDesk 20 index down about 5%). This drop stemmed from a fierce dispute between Trump and Musk over the (Beautiful Big Deal) policy, with Musk even threatening to ground SpaceX's spacecraft, while Trump retaliated by stating that the government might terminate contracts with Musk-led enterprises.
Furthermore, the token's new wallet in collaboration with Magic Eden was forced offline after being banned by another Trump-related crypto project, and Trump's son publicly distanced himself from the project, stating that they were involved in another Ethereum DeFi project 'World Liberty Financial'. Internal divisions have exacerbated investor concerns, further suppressing the price.
Circle soared 167% on its first day of trading
Stablecoin issuer Circle's stock price surged from $31 to $83 on its IPO day, reaching as high as $104 during intraday trading. This movement recalls the excitement during the early days of Coinbase's listing in 2021, although investors remain cautious about its subsequent performance.
Its rise coincides with an increase in stablecoin market trading volume. USDC trading volume grew by 22% within 24 hours, and USDT also increased by 13%. The coming weeks will test whether investor enthusiasm for stablecoin infrastructure can translate into sustained stock performance.
U.S. sanctions on a Philippine company involved in a $200 million 'pig butchering' scheme
The U.S. Treasury's Office of Foreign Assets Control (OFAC) sanctioned the Philippine company Funnull Technology Inc. and its administrator Liu Lizhi for their involvement in a 'pig butchering' crypto scam exceeding $200 million.
These scams lure victims into investing in fictitious crypto asset projects through false romantic relationships. Funnull is accused of providing domain names, IP, and other network infrastructure to support such criminal activities. Americans are now prohibited from trading with Funnull or Liu Lizhi, with sanctions aimed at combating large-scale online scams and protecting crypto market investors.
