Bitcoin recovers to $108,000 amid bullish consolidation as war tensions show signs of easing
Bitcoin (BTC) regained the $108,000 threshold on June 16 as tensions from the war in the Middle East eased after Iran indicated it was open to negotiations with the United States and Israel. Bitcoin's rise marked the recovery of the price level delivered on June 12 while markets processed the initial flare-up in Israeli-Iranian hostilities. A "bitfinex alpha" report published on June 16 described the formation as a "healthy consolidation phase within an ongoing bullish trend," noting that last week's retracement remained only 9% from peak to trough. This is well within the 7% drawdown for the cycle. Traders briefly led the Fear & Greed Index into the "fear" segment on June 13. However, the routine volatility matched at 41% of trading sessions during the current cycle, according to the report. As of press time, Bitcoin was trading at $108,621.47, up 3.32% over the past 24 hours. Bullish consolidation has continued since mid-May, oscillating between around $102,000 and the all-time high near $109,590. During the trading window from June 9 to June 12, Bitcoin initially surged 4.7% to retest the record near $112,000, then reversed after news of an Israeli strike on Iran caused widespread sell-offs in oil, stocks, and crypto. Market participants were not obliged to capitalize on volume, pushing net volume to $197 million, the most negative reading since June 6. The report framed such parties as a historical sign of local downturns, indicating that forced sellers had largely exited while larger wallets accumulated. Order flow data indicates limited downside. The average net volume over seven hours has remained negative since June 12, highlighting short-term selling pressure even as spot prices recovered. The report noted that support ranges from $102,000 to $103,000, adding that sustained trading above this level could indicate that bids continue to absorb the supply cleared by momentum accounts. On the upside, failure to decisively close above $109,590 would maintain wandering Bitcoin strategies and frustration derived from immediate extensions. Macro drivers continue to inject volatility. Brent crude advanced with Middle East risks, and U.S. Treasury yields rose, factors that usually tighten financial conditions and siphon liquidity from risk assets like crypto. However, the report noted that Bitcoin's relative drawdown against historical benchmarks, along with the swift return of buyers once panic recedes, indicates resilient underlying demand. Market context favors accumulation. Current positioning contradicts the double top that preceded the 2021 slice. Currently, fear surfaces quickly, indicating cleaner balance sheets and less leverage. The report argued that this sentiment profile could shorten the duration of the correction, provided that external shocks do not intensify. Given the narrative half still present in the realm of money and exchange-traded funds, providing an additional buyer channel, traders will watch to see if the spot closes above the consolidation ceiling or retests the lower bounds near $103,000. Until either event occurs, Bitcoin continues to oscillate between support and resistance, providing liquidity for systematic strategies and gradual entry points for long-term allocators. Bitcoin market data As of press time at 9:54 PM UTC on June 16, 2025, Bitcoin ranked #1 by market cap and its price is up 3.83% over the past 24 hours. Bitcoin has a market cap of $2.16 trillion with a 24-hour trading volume of $49.91 billion. Learn more about Bitcoin › Crypto market summary As of press time at 9:54 PM UTC on June 16, 2025, the crypto market is estimated to be worth $3.39 trillion with a 24-hour volume of $118.93 billion. Bitcoin dominance is currently at 63.73%. Learn more about the crypto market › mentioned in this article