$BTC
The sideways market affects crypto sentiment
At the time of this edition's closure, Bitcoin was trading at 104,522 dollars, with a drop to 94,000 dollars marking a decline of 10%, while an increase to 114,000 dollars would mean an approximate gain of 9% and a new all-time high, surpassing the previous record of 111,940 dollars set on May 22, according to data from CoinMarketCap.
Bitcoin has not touched the 94,000 dollar level since May 6, just before it surpassed 100,000 dollars again on May 8 for the first time in three months.
This comes after Bitcoin briefly recovered 110,000 dollars on June 11, generating renewed hopes for new highs. However, rising geopolitical tensions, triggered by Israeli airstrikes against Iran last Thursday, caused Bitcoin to drop to 103,000 dollars.
Tensions have continued to rise since then, with US President Donald Trump calling for the “unconditional surrender” of Iran and threatening Iran's supreme leader, Ayatollah Ali Khamenei.
The current sideways price action has affected the overall sentiment of the crypto market. In its update on June 20, the Crypto Fear and Greed Index went from “Greed” to “Neutral,” recording a score of 54 out of 100.
The broader financial markets are also sideways
The S&P 500 has also been trading flat, with a decline of 0.48% in the last five trading days up to June 18, according to data from Google Finance.
Meanwhile, shares of Michael Saylor's Strategy (MSTR) have fallen 2.43% in the same period and 10.74% in the last 30 days.
However, Bitcoin spot exchange-traded funds (ETFs) in the US continue to see inflows. The funds recorded 388.3 million dollars in inflows on Wednesday, marking eight consecutive days of fresh capital.
Bitcoiners are uncertain if bear markets still exist
Saylor said on the 10th