Bitcoin is below $104,000 as liquidation exceeds $1 billion amid the Israeli-Iran conflict. Is BTC set to retest $10,000?
Recent Israeli attacks on Iran have weakened risk-on sentiment in the crypto market. Amid growing tensions, the crypto market liquidation has exceeded $1 billion.
Bitcoin is below $104,000, but has been raised by more than 1% at the press conference. Is the BTC reduction possible to reach the $100,000 level?
Bitcoin price analysis
On the four-hour chart, Bitcoin has recently reversed from a resistance level of $110,266, revising more than 5% over the past three days. Bitcoin is testing the trendline for local support as the latest four-hour candles are closed under $104,557 under the 200-period EMA.
The recent candles have shown a lower price rejection, indicating that Bitcoin is struggling to surpass its key trendlines. BTC risks retesting a support level of $101,763, increasing the chances of dropping towards a psychological $100,000.
As bear pressure builds up, the MACD and signal lines move into negative regions, accompanied by a surge in the bearish histogram bars on the daily chart. Therefore, momentum indicators reveal bearish bias and increase the likelihood of trendline failure.
However, potential morning star patterns that form near critical support could cause bullish reversals and could push prices up to test 100 EMAs at $106,402.
Bitcoin Derivatives
In the derivatives market, traders’ interest in Bitcoin has been declining significantly. Open interest fell 4.18% to $698.1 billion. This decline has weakened bullish sentiment as the OI weight funding rate fell from its peak of 0.0082% on June 12th to 0.0019%.
This sudden shift coincides with a long liquidation of $422 million compared to a liquidation of just $21 million over the past 24 hours. Meanwhile, in the broader market, liquidation has exceeded $1.15 billion.
As a result, the short-to-short ratio has dropped to 0.9223, indicating a bearish slope in the open position.
Bitcoin Derivatives
Bitcoin ETF
Despite growing short-term volatility stemming from tensions in the Middle East, US Bitcoin spot ETFs continue to show strong investors’ trust. On June 12th, daily net inflows totaled $86.31 million, marking the fourth consecutive day of aggressive inflows.
So far, total net inflows have reached $1.07 billion, supporting cases of continuous long-term uptrends.
Bitcoin ETF
