Bitcoin fell to $104K on June 17 as market data suggests more volatility could be ahead.
- Bitcoin price dipped below $105,000 with signs of increased market manipulation.
- Traders say a larger move could be coming soon, causing concern among investors.
- The US dollar shows signs of strength, which may affect crypto prices.
Bitcoin Price Breaks Key Level
Bitcoin dropped to $104,401 after the U.S. markets opened. This marks a major drop, with 11 hourly red candles in a row. Experts say this could be a sign of market pressure or manipulation by big traders. One trading group, Material Indicators, warned that the price may fall even more if it goes under $104K.
Manipulation and Market Warnings
Traders believe the recent price moves are being influenced by liquidity spoofing. This means that large buyers or sellers might fake buy or sell orders to trick the market. Material Indicators pointed out strange patterns in the BTC/USDT order book. If Bitcoin falls more, they expect a fast price drop. But if bulls push the price above $108K, it could rise to $110K.
Market Holding Strong for Now
Some traders, like Skew, are staying optimistic. They note the market hasn’t panicked yet during this drop. Bitcoin holders are showing more patience than in past dips. So far, the pullback is around 3%, which many traders think is manageable. But volatility is likely coming soon, according to market analysis.
US Dollar May Be Making a Comeback
While Bitcoin is slipping, the U.S. dollar is showing new strength. The DXY (Dollar Index) is bouncing back after hitting a three-year low. Traders like Guilherme Tavares say the dollar is “deeply oversold” and could rebound. If the dollar gains strength, it can put more pressure on Bitcoin.
Geopolitical Tensions Add Complexity
Despite conflicts in the Middle East, most traders don’t expect a major global war. Gold and oil prices have moved slightly, but not enough to cause panic. Market strategists say current events are not likely to cause long-term issues. Still, investors are keeping a close eye on changes in global markets that could affect Bitcoin in the days ahead.
Source: cointelegraph.com
