🚨🚨 BTC Big Update
Bitcoin reclaims $108k amid upward consolidation as war tensions show signs of easing.
Bitcoin (BTC) reclaimed the $108,000 threshold on June 16 as tensions of war escalating in the Middle East fell after Iran signaled it was open to negotiations with the US and Israel.
Bitcoin’s move up regained the price level surrendered on June 12 while markets processed the initial flare-up in Israeli-Iranian hostilities.
The “Bitfinex Alpha” report published on June 16 described the formation as a “healthy consolidation phase within an ongoing upward path,” noting that last week’s retreat measured only 9% from peak to trough. This is well inside the cycle’s median 7% drawdown.
Traders briefly drove the Fear & Greed Index into the “Fear” bracket on June 13. However, the magnitude of the decline matched routine volatility observed in 41% of trading sessions during the current cycle, according to the report.
As of press time, Bitcoin was trading at $108,621.47, up 3.32% over the past 24 hours.
Upward consolidation
Price action since mid-May continues to oscillate between roughly $102,000 and the January all-time high near $109,590.
During the trading window from June 9 to June 12, Bitcoin initially advanced 4.7% to retest the record high near $112,000, then reversed after news of an Israeli strike on Iran triggered broad de-risking in oil, equities, and crypto.
Market participants unwound leveraged longs, pushing Net Taker Volume to negative $197 million, the most negative reading since June 6.
The report framed such extremes as a historical marker for local bottoms, signaling that forced sellers had largely exited while larger wallets accumulated inventory.
