As of June 13, 2025, the Bitcoin price has shown significant volatility, with an intraday low of $102,739.6 and closing at $103,817, a decline of 1.78%, continuing the correction trend since the June 9 peak of $110,404.9. The main reasons for the market adjustment include:

1. Technical pressure: The psychological support level of $103,000 has been breached, with MACD bearish divergence and RSI falling below the neutral line of 50, exacerbating short-term selling.

2. Macroeconomic risks: Hawkish signals from the Federal Reserve boosting the dollar index, undermining Bitcoin's 'digital gold' narrative, compounded by uncertainties in China-U.S. trade frictions.

3. On-chain signals: Large wallet sell-offs and outflows of stablecoins indicate a weakening willingness for capital entry, with over 75% of derivative market long positions liquidated.

Long-term support factors include institutional accumulation (e.g., Bitcoin ETF size reaching $58.2 billion) and the scarcity of the halving mechanism. Short-term focus on the key support level of $100,000, with a potential drop or test of $97,600.