Ah, the Bitcoin price, that fickle mistress, continues her slow waltz into the abyss, as the crypto market, like a weary traveler, shows signs of fatigue, all thanks to those pesky macroeconomic factors. The crown jewel of cryptocurrencies, once basking in the glory of its market capitalization, now finds itself precariously testing critical support levels, teetering on the edge of a deeper descent into its monthly lows.
As I pen these words, the Bitcoin price languishes around \$104,000, a disheartening 2.5% drop in the last 24 hours. Meanwhile, its fellow digital companions, Ethereum and XRP, are not faring much better, with declines of 8% and 4%, respectively. One might say the crypto party is turning into a rather somber affair. 🎉😢
Bitcoin Price Alert: Key Levels to Watch (or Avoid!)
According to the esteemed analyst Daan Crypto, our dear Bitcoin has been floundering within a narrow window after losing its lofty perch at \$108,385. While it has managed to endure the sell-off, the analyst has drawn our attention to some critical levels that we ought to observe with bated breath.
As illustrated in the chart below, it appears that Bitcoin is likely to remain on its bearish trajectory, potentially grazing the mid-point of its current range. This would place our beloved BTC at around \$99,600 in the days to come. If the buyers fail to stem the tide of selling pressure at this juncture, we may witness Bitcoin bleeding further down to its range low of \$90,000. Such bearish behavior, the analyst warns, could become the norm for the remainder of June. How delightful! 🙄
Daan Crypto, in his infinite wisdom, remarked:
“A swift move, indeed, which was, of course, ‘assisted’ by the headlines, though the news had been lurking ominously for the past 48 hours, which is precisely why the price began its descent earlier.”
“I’ve reiterated this before, but let me say it once more: Bulls had no business descending below \$108K, and I view this as yet another deviation, a return to the larger range. This is ample reason for me to exercise caution and refrain from increasing my exposure that was previously derisked.”
In light of this, the analyst has advised his followers to await clear signs of a bull trend resurgence, should Bitcoin manage to reclaim its former range high. Otherwise, the prudent course of action is to remain vigilant and cautious. After all, who doesn’t love a good rollercoaster ride in the crypto world? 🎢
Optimism Fades as Bitcoin Aims for Lower
On a different note, the trading desk QCP Group has pointed out that the most significant threat to Bitcoin and the broader crypto market stems from the escalating tensions between the US and China, as well as the simmering conflicts in the Middle East. What a charming backdrop for our digital currency escapades!
Nevertheless, the trading desk has highlighted several glimmers of hope, suggesting that there may still be good news on the horizon, hinting at a potential recovery in the digital asset market. These include a surge in Ethereum ETF inflows, the prospective launch of a Solana ETF, and GameStop’s audacious plan to offer \$1.7 billion in convertible notes to invest in Bitcoin, as the company seeks “balance sheet diversification.” Because who wouldn’t want to diversify into a volatile asset? 😂
Cover image ChatGPT, BTC/USD chart from Tradingview
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2025-06-13 12:08