Bitcoin faces mixed signals with liquidations of $650 million and important technical tests, while institutional adoption and regulatory progress support long-term optimism.
Liquidations of $650 million amid tensions between Iran and Israel spark market volatility
BTC price level at $105,000 threatens a buying pressure of $1.2 billion
The US Senate approves the use of stablecoins for government funding
El Salvador's strategy prompts Panama to reconsider its digital currency policies
Detailed Analysis
1. Market Dynamics
The price of Bitcoin fell below the technical support level known as the "golden line" at $102,988 (CryptoFrontNews), but it maintained a price above $100,000 for 44 days. There is a significant cluster for liquidating short positions worth $1.23 billion at the $105,000 level (CoinMarketCap), which could cause substantial volatility if breached.
The market saw liquidations of $650 million in trades over 24 hours on June 22, of which $370 million was wiped out in just one hour due to escalating tensions in the Middle East (The CCPress). BTC dominance rose to 64.87% while other cryptocurrencies declined.
2. Regulatory and Geopolitical Incentives
The US Senate approved the GENIUS Act on June 22, allowing the use of stablecoins in Treasury operations (CoinMarketCap)
El Salvador's Bitcoin policies are influencing Panama, which is re-evaluating its digital currency regulations (CoinMarketCap)
Tensions between Iran and Israel led to swift moves to reduce risks, although BTC recovered to $103,500 after sell-offs
3. Institutional Trends
Michael Saylor predicts BTC price to reach $21 million by 2046 during the BTC Prague conference (The CCPress)
Brian Armstrong, CEO of Coinbase, emphasized Bitcoin's role as a hedge against inflation amid US debt of $34 trillion (CoinLive)
GameStop and Metaplanet continue their aggressive strategies in accumulating BTC in their reserves
Summary
Bitcoin balances negative technical indicators and supportive macroeconomic factors, with the $105,000 level being a critical price point. Will institutional accumulation be able to offset the sell-offs resulting from geopolitical tensions next week?