Bitcoin Price Drops to $103,000 as Pressure from US Markets

$BTC prices turned lower after Wall Street opened on June 20, as the US stock market faced its biggest ever expiry event.

Bitcoin bulls struggle at key technical levels

Data from TradingView showed that Bitcoin’s rally stalled after hitting $106,500, leaving the price hovering around the 21-day simple moving average (SMA) at $105,800 — a price level that Keith Alan, co-founder of Material Indicators, sees as pivotal.

The level also coincides with the 10-day SMA, which is currently being retested, according to analysis from trader Matthew Hyland.

Trader Skew noted: “The market remains tilted towards the short side, with more short positions being opened around the $106,000 region. Selling pressure is evident on the order book, suggesting that spot money is playing a dominant role today.”