Bitcoin Futures Data Shows Mild Bearish Pressure – Bulls Still In Control?

Bitcoin continues to navigate a turbulent macro and geopolitical landscape, holding strong above the crucial $104,000 support level despite facing heightened volatility. The recent escalation of the conflict between Israel and Iran has injected a fresh wave of uncertainty into global markets, with growing speculation that the United States could become more directly involved. This possibility has rattled investors, fueling fear and casting a shadow over risk assets, including cryptocurrencies.

Yet, Bitcoin’s resilience stands out. While short-term selling pressure and volatility have emerged, BTC remains confined to a relatively narrow range just below its all-time high of $112,000. According to new insights from CryptoQuant, as of June 18, Futures Market Power sits at –93K, suggesting a moderately bearish tilt. However, this reading lacks the intensity typically seen during aggressive market selloffs.

Historically, similar bearish spikes within the –50K to –150K range have led to shallow corrections of just 5–10%, indicating that the current setup may reflect cautious optimism rather than genuine downtrend momentum. Bitcoin’s ability to remain elevated in the face of external pressures suggests that the market may be preparing for a decisive move once geopolitical tensions ease or clarity returns.

Bitcoin Consolidates At Key Demand Zone Amid Market Uncertainty

Bitcoin is currently trading at a key demand level between $104K and $106K, a range that may prove pivotal in the days ahead. After an explosive rally from the $74,000 level to the $112,000 all-time high earlier this year, BTC has entered a phase of sideways consolidation. This pause comes as traders and institutions await clarity on several macroeconomic and geopolitical fronts.

Despite rising volatility, Bitcoin has maintained strength above the $105K mark, a signal that the broader market sees this level as structurally important.