Bitcoin is stuck in a narrow range of $104,000-$105,000, and traders are divided in their opinions: half expect a drop to $94,000, while the other half believes in a rise to $114,000. A poll by crypto analyst Matthew Hyland on social media X gathered over 1,300 votes and showed almost equal distribution: 50.2% voted for a decline, 49.8% for an increase.
A drop to $94,000 would mean a correction of 10%, while a rise to $114,000 would yield a profit of about 9% and set a new historical maximum. The previous record of $111,888 was recorded on May 22, according to Binance data.
1-day BTC/USDT chart. Source: cryptocurrency screener Cryptovizor
Geopolitics is slowing growth
Bitcoin has not fallen to the level of $94,000 since May 6, shortly before it surpassed the $100,000 barrier for the first time in three months on May 8. Just recently, on June 11, the first cryptocurrency temporarily returned to the $110,000 mark, raising hopes for new highs.
However, geopolitical tensions have made their adjustments. Israeli airstrikes on Iran on June 13 triggered a drop in Bitcoin to $103,000. The situation continues to escalate: U.S. President Trump demanded 'unconditional surrender' from Iran and issued threats against the country's supreme leader Ayatollah Ali Khamenei.
The sideways price movement negatively affects the sentiment of market participants. The Fear and Greed Index, which updated its readings on June 20, changed its status from 'Greed' to neutral, recording 54 points out of a possible 100.
Traditional markets are also standing still
The cryptocurrency market is not the only one facing directional issues. The S&P 500 index is also trading in a sideways range and has lost 0.48% over the last five trading days until June 18, according to Google Finance data.
Meanwhile, U.S. spot Bitcoin ETFs continue to attract funds. Over eight days, the funds recorded an inflow of $2.41 billion, marking the eighth consecutive day of fresh capital inflow.
What is your opinion?