1. Geopolitical tension & macro anxiety
Ongoing Israel-Iran conflict has triggered risk-off sentiment, prompting traders to unload risk assets like crypto
U.S.–China trade tensions and fresh U.S. tariffs are weighing on market mood, making Bitcoin more volatile .
2. Profit-taking & technical selling
After reaching an all-time high (~$111K), many investors locked in profits. Long liquidations have intensified sell pressure
Technical breakdowns: Bitcoin is testing key chart levels (e.g., 50‑day moving average crossing 200‑day—aka “death cross”) which can spur more selling
3. Tight monetary conditions
Central bank policies remain restrictive: The Fed only hints at two potential rate cuts in 2025, BOJ has unexpectedly raised rates, and the dollar is strong. That redirects capital back to bonds and USD assets finance
4. Institutional outflows & shrinking liquidity
Spot Bitcoin ETFs have seen heavy outflows (e.g., $359M on May 29), and long leveraged positions have been liquidated—further reducing demand
Futures open interest is down (~35% drop), signaling declining leverage and momentum
5. Miner & whale selling
Miners are selling BTC to cover operational costs amid lower prices
Some whales have shifted from stores of value to taking profits, while on-chain demand signals (like network activity/fear & greed index) suggest fading momentum
🧭 What’s next?
Support levels to watch: ~$100K is key short-term support, with deeper levels around $95K–$92K .
Macro events: Upcoming Fed meetings, U.S. jobs reports, and geopolitical developments may trigger further swings.
Technical indicators: Watch for a potential death cross confirmation or recovery above the 100-/200‑day MAs, which could signal trend reversal