Bitcoin, as a barometer of the cryptocurrency market, is facing a critical technical test. As of now, BTC is priced at about $104,000, with a 24-hour decline of 2.5%. The declines in mainstream altcoins are even more significant: Ethereum dropped by 8%, and Ripple fell by 4%. Market risk sentiment is rising, and buying power is clearly shrinking.
The technical structure of Bitcoin is deteriorating.
Renowned analyst Daan Crypto pointed out that since Bitcoin fell below the $108,385 range high, it has entered a narrow fluctuation stage. Although there are still attempts to resist selling in the short term, the overall structure is bearish.
According to its analysis, if the current trend continues, BTC is likely to further test the mid-range level of $99,600. If this support cannot hold, the possibility of testing the low point of the $90,000 range cannot be ruled out.
"I have emphasized multiple times that if the price falls below $108,000, that is not a normal adjustment in a bull market, but a deviation worth caution." - Daan Crypto
He also stated that he has currently managed his position risk and will no longer increase his position easily, waiting for the market to return above the strong range before considering following the trend.
Sentiment is retreating, and the atmosphere of market observation is intensifying.
According to observations from QCP Group, the Bitcoin market is currently facing dual macro pressures:
The geopolitical game between China and the United States is escalating.
Tensions in the Middle East are escalating.
These factors together form a barrier of external uncertainty, gradually shifting investor sentiment towards caution.
However, QCP also pointed out that the market is not without positive support. The following three points may become potential catalysts for the next phase:
Ethereum ETF fund inflows have started to increase significantly
Rumors of advances in the Solana ETF are spreading as positive news.
GameStop announced the issuance of $1.7 billion in convertible bonds, planning to allocate some funds to Bitcoin to diversify its balance sheet.
In the short term, Bitcoin's trend is weak. After breaking the $108,000 level, the trend is bearish. Key support levels to watch are $99,600 and $90,000. If it cannot quickly recover lost ground, it may fall into a period of sluggish fluctuations in the second half of June.
In the context of macro uncertainty, it is advised that investors maintain risk awareness, avoid chasing highs, and refrain from betting on rebounds. Patience is required to wait for directional signals from the Federal Reserve meeting or for new policy benefits to be released.
