In recent days, Bitcoin and Ethereum have pulled back from their all-time highs. Bitcoin hit a record high of $111,980 before falling nearly 10% to around $100,382, while Ethereum also dropped sharply to approximately $2,200. Currently, BTC is trading near $99,000, and $ETH is hovering around $2,150. According to analysts, $100K for $BTC and $2,150 for ETH are seen as key support levels.
đ BTC Daily Chart:
The chart shows Bitcoin moving within a tight range of $100,000â$111,980. The $100,000 mark is acting as a strong support line. If this support breaks, the next critical level could be around $90,000.
đ ETH Daily Trend:
Ethereum is currently around $2,500, fluctuating between the 20-day EMA ($2,551) and the 50-day SMA ($2,466). If ETH drops below the 50-day average, the next key support sits at $2,323, and below that, $2,111. Analysts consider $2,323â$2,150 a crucial support zone.
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âď¸ Stablecoin Regulation: Major Developments
The U.S. Senate recently passed the GENIUS Act, a regulatory framework for stablecoins. The bill mandates that stablecoins must be backed 1:1 by USD or short-term Treasury securities, and issuers must disclose monthly reserve data. It now awaits approval from the Republican-led House before heading to the President.
Crypto experts believe this legislation will bring regulatory clarity, potentially leading to greater institutional adoption of stablecoins. Globally, similar moves are underway. For example, Hong Kongâs legislature passed a bill on May 21 that will allow major financial firms to issue licensed stablecoins. This law takes effect in August 2025, laying a legal foundation for the stablecoin sector in Asia as well.
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đ Why Are Prices Falling?
Analysts suggest that the main reason behind Bitcoinâs recent drop is profit-taking at the top. According to a ZebPay report, after reaching record highs, buying momentum faded, triggering a wave of profit booking.
Another major factor is low trading volume, which can amplify price movements. For instance, Coindesk data shows that on June 20, BTC suddenly dropped from $106,500 to $103,000, liquidating around $450 million in long positions.
Global macro and geopolitical risks have also played a role. Tensions in the Middle East (e.g., potential closure of the Strait of Istanbul) pushed oil prices higher, prompting a risk-off sentiment on Wall Street â which echoed across the crypto markets. Interestingly, traditional indexes like S&P 500 saw limited decline, suggesting that crypto-specific triggers like thin liquidity and investor behavior were primary drivers of this pullback.
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đ Expert Opinions & Market Outlook
Crypto analysts remain divided on what comes next. According to a Cointelegraph trader poll, some expect a deep correction to $94,000, while others see BTC heading up to $114,000.
Top analysts CrypNuevo and Michael van de Poppe believe that failure to break past $106,000 resistance could push BTC back to $100,000. AlphaBTC expects a sideways trend until mid-October, waiting for clarity from the FOMC meeting.
On the bullish side, long-term investors remain optimistic. Alice Li of Foresight Ventures believes BTC could hit $150,000 this cycle, especially as regulatory clarity increases. According to James Toledano of Unity Wallet, "The current Bitcoin market is in a phase where long-term momentum remains positive, though short-term macro and geopolitical uncertainty is evident."
