On June 13, 2023, Bitcoin (BTC) experienced a significant pullback, with the price oscillating down from a high of $108,398 to a low of $102,614, marking a daily decrease of 4.2%, reaching a near one-month low. This decline was influenced by multiple factors:

Geopolitical Shock: Israeli airstrikes in Iran triggered a rise in global risk-averse sentiment, causing funds to flow from the crypto market to traditional safe-haven assets such as gold and the US dollar, leading to BTC, as a risk asset, being sold off first.

Technical Breakdown: BTC fell below the key psychological support level of $103,000, the MACD indicator remained in negative territory with increasing bearish momentum, and while the RSI was oversold, it did not show a bottom divergence, exacerbating panic selling in the market.

Fluctuations in Funds and Derivatives: Institutional funds saw a net outflow of $82 million on that day, coupled with large-scale liquidations in the futures market (over $520 million in liquidations within 24 hours, primarily affecting long positions), creating a vicious cycle of "decline-liquidation-accelerated decline."

Tightening Macro Liquidity: The Federal Reserve maintained its high interest rate policy, and a stronger dollar suppressed the risk appetite for assets. On-chain data showed large wallets selling off and outflows from stablecoin reserves, reflecting weakened market confidence.

Although there may be a rebound demand due to short-term overselling, attention should be paid to the effectiveness of the psychological support at the $100,000 level under bearish dominance. If it fails to hold, further dips into the $97,600 area may occur.