$BTC

As of June 6, 2025, Bitcoin (BTC) has fallen below $101,000, primarily influenced by the following multiple factors:

1. Technical Pressure and Weakened Market Sentiment

BTC has repeatedly surged and then retreated at key support levels (such as $103,000), breaking below the upward trend line on the daily chart, indicating weakened short-term momentum. Bears have intensified selling by leveraging technical pullbacks, causing prices to breach psychological thresholds. At the same time, market sentiment indicators show a rise in the fear index, leading some investors to take profits or stop-loss and exit the market.

2. Macroeconomic and Policy Uncertainty

U.S. non-farm data reinforces expectations that the Federal Reserve will keep interest rates unchanged, while a stronger dollar suppresses demand for risk assets. Additionally, the trade tariff policies of the Trump administration and trends in cryptocurrency regulation have increased market volatility, raising investor concerns about policy consistency and spreading risk-averse sentiment.

3. Divergence in Institutional and Miner Behavior

Despite long-term holders (LTH) continuing to accumulate, whale groups are locking in profits near historical highs, resulting in selling pressure. Although the selling pressure from miners has eased, liquidity depletion has led to insufficient market absorption capacity. At the same time, some institutional funds are withdrawing from spot ETFs, further amplifying price volatility.

4. Technical Indicators and Derivatives Market Signals

Indicators such as MACD and RSI show bearish divergence, and the funding rate in the futures market briefly rose before falling, indicating insufficient bullish confidence. The rise of leveraged short-selling forces, with 40x leverage short positions triggering a chain reaction of liquidations, has exacerbated short-term selling pressure.

In summary, BTC's breakdown is a result of technical adjustments, macro policies, and the resonance of market sentiment, with short-term fluctuations likely to continue, but institutional holdings and long-term fundamentals still provide potential support.