In the past 24 hours, Bitcoin (BTC) experienced significant volatility, with its price ranging between $100,781 and $105,065. As of now, BTC is trading at $104,932, marking a modest 0.21% increase.
The market witnessed a substantial downturn, with Bitcoin's price plummeting to $101,579, leading to nearly $1 billion in crypto position liquidations. Analysts suggest that massive transactions around June 1 may have contributed to this pullback. Despite the dip, surging on-chain activity indicates a potential rebound, with some projections aiming for a $109K price tag.
However, caution is advised as the bullish structure appears to be weakening, and retail demand is falling. The Relative Strength Index (RSI) remains a critical factor to watch, as it could influence significant price reactions.
Investors should stay alert to market signals and be prepared for potential further fluctuations in Bitcoin's price.
