On June 5, Bitcoin (BTC) recorded its deepest drop in over a month, with the price falling to $101,500, reflecting a strong wave of sell-offs in the cryptocurrency market. This decline extended a series of down days, triggered by a change in investor sentiment and reduced demand from institutions.

BTC hit a low of $101,500 before slightly stabilizing around $102,000. Currently, Bitcoin has fallen more than 8% from last month's peak of nearly $112,000, and if confidence continues to decline, further losses may occur.

The bearish trend of other digital assets

Other leading digital assets have also not escaped the downward trend. Ethereum (ETH) fell to a low of $2,506, down about 4% for the day, while Solana (SOL) dropped to $144, equivalent to a decrease of about 8%. BNB also recorded a drop of more than 4%, hitting a low of $640 before attempting to stabilize. Dogecoin (DOGE) fell more than 8% to $0.169, while XRP declined about 4% to a low of $2.11.

At the time of writing, Bitcoin is trading at $101,900, down 2.87% for the day as investors are trying to stabilize prices in the six-figure range.

Weakening momentum

This decline occurs amid a significant drop in inflows to Bitcoin spot ETFs, with data showing a weekly decrease of 77%. The slowdown in institutional buying activity has eliminated a key support source that had bolstered Bitcoin's rise to recent record highs.

At the same time, major investors have begun to take profits after months of growth, adding further downward pressure. Data from blockchain shows increased profit-taking, and the broader market is cooling off after a rapid price increase in the cryptocurrency sector.

The sentiment among asset managers has also changed, with many citing uncertainty surrounding the Federal Reserve's next move as a reason to reduce exposure to volatile assets like cryptocurrencies.

Stagnation in financial markets

The sell-off occurred not only in the cryptocurrency market but also spread across global financial markets, with many sectors witnessing sharp declines during the trading day.

Macroeconomic uncertainty

Traders are currently feeling anxious ahead of upcoming U.S. employment data and new comments from the Federal Reserve (Fed). With inflation still persistent and interest rates high, risk appetite has diminished across many asset classes. The cryptocurrency market is no exception, as many investors are shifting to cash amid increased volatility.

A lower-than-expected job figure could bolster arguments for interest rate cuts but could also raise concerns about a slowing economy. Earlier this week, the ADP private employment report indicated that job creation had significantly decreased compared to expectations, recording the lowest level in over two years.

In this context, uncertainty regarding geopolitical issues and macroeconomic factors continues to persist, particularly amid concerns about tariffs and upcoming interest rate decisions from major central banks.

Additionally, leveraged long positions have dropped to their lowest levels since December, indicating that even the most optimistic investors are pausing their activities, at least for the time being.

If Bitcoin fails to hold the $100,000 level, traders predict a rapid decline to $97,000 or lower, marking a significant correction from the record high of 2025.



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