#tradersLeague

📉 Why is Bitcoin down today?

1. Macro-induced “fakeout” after CPI data

Bitcoin briefly rallied following a cooler-than-expected U.S. CPI report, then sharply reversed—triggering algorithmic selling due to technical breakdowns below key levels like $3.35 T total market cap .

2. Resistance around $108–110 K & fading Fed optimism

BTC is bumping up against stiff resistance near $108–110 K. Weakening hopes for June rate cuts from the Fed added downward pressure .

3. Tech-driven sell signals

Technical indicators, like a break under support or EMA crossovers, triggered automated liquidations. A drop beneath $106 K could accelerate the downtrend .

4. Broader crypto market correction

Alts like ETH, XRP, and DOGE also saw declines—spreading selling pressure across the market .

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Is this a “crash”?

Not exactly. Today’s drop of 4–5% is significant, but well within normal volatility. Analysts note:

The longer-term bullish trend remains intact as long as support near $106 K holds .

Peter Brandt’s extreme 75% crash scenario is viewed as unlikely by many experts .

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🔍 What to watch next

Key levels:

Support: $106 K – a break here could trigger more downside .

Resistance: $108–110 K – a sustained move above this band might reignite bullish momentum .

Macro headlines: Upcoming Fed commentary on June 18 and ECB decision in July could shift broader sentiment .

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✅ Summary

Bitcoin fell ~4–5% today due to a mix of:

Sudden reversal after CPI-driven rally

Heavy resistance and diminishing Fed rate-cut hopes

Technical triggers prompting liquidations

This doesn't necessarily signal a major crash—but the price action around $106 K will be pivotal in the near term.

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Let me know if you’d like a deeper dive into technical charts, macro outlooks, or hedging strategies!