With the opening of Wall Street, the price of Bitcoin (BTC) fell below $105,000. The decrease in order book data and declining liquidity signals market manipulation, while analysts indicate that volatility is approaching. The weakness in BTC, especially accelerated after the Wall Street opening, has experts warning of a 'rug pull' (sudden price collapse) at the $104,000 level.

Bitcoin bulls are trying not to panic over these downward movements.

The strengthening trend of the US dollar shows signs of recovery from the lowest levels in the last three years.

Bitcoin (BTC)

₺4,152,978

As of June 17, the price of BTC fell below $105,000. Analyses indicate that a significant movement has not yet occurred, and the BTC/USD pair saw an intraday low of $104,401 after the Wall Street opening.

The consecutive 11 rare red hourly candles are putting serious pressure on the bulls. Order book analyses indicate that the decline could grow rapidly.

The trading analysis platform Material Indicators commented that as the price drops, the shift in buying liquidity in the order book indicates, "This is a typical example of manipulation in the Bitcoin order book."

Material Indicators also warned, "If the price drops below $105,000, a significant 'rug pull' should be expected at $104,000."

As previously reported by Cointelegraph, "liquidity spoofing" is often seen in cases where large-volume investors try to manipulate price direction.

Material Indicators, which made a statement the previous day, had stated, "If the bulls can push the price above $108,000, it clears the way towards $110,000."

Popular investor Skew paints a more optimistic picture regarding market strength. According to Skew, Bitcoin investors are behaving more cautiously compared to previous pullbacks, despite serious geopolitical pressures.

However, it continues to warn that volatility is approaching:

"Currently, the market is not panicking over a pullback of about 3%, but there is a clear hedge tendency in the short-term time frames. Previous declines had been around 5% and these declines had brought high volatility along with aggressive short positions, spot sales, and increased selling volume."

"This indicates that the big move has not yet occurred and is still in the preparation phase."

The US Dollar is Oversold, Showing Signs of Recovery

While gold prices are falling, the strengthening trend in the US dollar draws attention. Conflicts in the Middle East are far from causing market panics.

The Kobeissi Letter trading publication dismisses the scenario that the Israel-Iran tension will escalate into a global war:

"Despite gold remaining strong, the overall narrative maintains its consistency: We are not on the verge of World War III."

"Despite the attacks between Israel and Iran, oil prices are up about 2% today, while the 10-year US Treasury yield approaches 4.50%. Markets believe this will not be a long-term obstacle."

The US Dollar Index (DXY), which traditionally shows an inverse correlation with Bitcoin, is showing signs of recovery from long-term lows.

Investor and market strategist Guilherme Tavares stated, "Asset managers have taken substantial short positions in USD. When a similar situation occurred, DXY showed a strong rise."

"Additionally, the index is at a critical support level and the RSI (14) indicator is in oversold territory. This indicates a divergence in the upward direction."


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