[Virtual Currency] Drops Below $100,000 + Continuous Selling Pressure, Bitcoin Faces New Choices!

Since Iran announced the blockade of the Strait of Hormuz, the global risk market has experienced severe fluctuations, and Bitcoin has not been able to remain unaffected. Against the backdrop of escalating tensions between the U.S. and Iran, Bitcoin's price once dropped below the $100,000 mark, hitting a low of $98,000, with significant daily declines. Even more concerning is that despite a surge in spot trading volume on platforms like Binance, on-chain data shows that funds are flowing into exchanges, and the selling pressure in the market remains high in the short term. At this stage, the market is beginning to differentiate: some believe that Bitcoin is entering a new mid-term bear market, while others point out that multiple technical supports are approaching, which may trigger a rebound. Combining recent on-chain indicators, price movements, and network activity performances, whether Bitcoin can stabilize below $100,000 becomes a key variable for judging future market trends.

From the perspective of trading behavior and market structure, Binance's dominance in spot trading is significantly rising, with its spot trading volume surpassing the total of other mainstream exchanges by more than ten times. This phenomenon often precedes price volatility in past markets. However, as of now, Bitcoin's price response has been relatively calm, only consolidating narrowly between $102,000 and $106,000. This concentration of trading has not immediately triggered a price increase, but rather raised concerns about liquidity concentration and systemic risks. Historical experience shows that when the market relies on a single exchange rather than multi-platform resonance, the continuity of subsequent trends is often limited, especially in cases where the market overall lacks new capital to drive it. A similar concentration trend has also appeared in other fields, such as the centralized evolution path of online entertainment and e-sports platforms. Taking the global e-sports platform VKGame as an example, it has gradually built a large service platform covering the globe by integrating event resources and a diverse product ecosystem, while also assuming the trade-offs of operational dependency risks.

On-chain data shows that on June 22, Bitcoin experienced a net inflow of 5,900 coins into centralized exchanges. In the context of a weakening technical trend, positive capital flow often indicates a potential increase in selling pressure.