Bitcoin’s price has been relatively stable, consolidating in the $104,000 to $105,000 range. This lateral shift occurs at a time when the entire crypto space is still reeling under an atmosphere of uncertainty, compounded by active global economic signals and geopolitical tensions. Last month, Bitcoin gained just 0.23% in June. The price action shows that big moves up or down are not likely in the short term.
The price of Bitcoin experienced a marginal decrease of 0.15% in the last 24 hours, settling at $104,630.33 as of 9:50 p.m. ET. Trading volumes for Bitcoin had an even worse showing, as they dropped 11% over the same time span. This reduction in trading activity is indicative of a wary mood among investors.
For a recent and extreme example, in June, Bitcoin’s price action followed Ethereum’s. Both coins went into a slump after enjoying substantial surges at the end of May. The total global cryptocurrency market capitalization including Bitcoin is currently $3.25 trillion.
Long position traders have suffered substantial damage during the last few turbulent trading sessions. Just in the past 24 hours, the entire cryptocurrency market had more than $224 million liquidated. In related news, data reveals that long Bitcoin traders on the Binance exchange are decreasing in number. This reduction points to a change in sentiment from speculative, leveraged traders.
Bitcoin's sideways trend coincides with statements from Federal Reserve Chair Jerome Powell, who recently signaled concerns about slower economic growth coupled with persistent inflation. Although Bitcoin was not specifically affected by Powell’s comments, they added to growing market apprehension.
Expectations for BTC have certainly narrowed, and analysts have identified important levels to track. The key $112,000 level is major resistance and $100,500 is key support.
If no positive sentiment emerges in the near future, Bitcoin could very well retreat into the $90,000-$84,000 range. On the other hand, if a positive backdrop does appear—particularly if the Fed signals a rate cut—then Bitcoin is likely to reach $128,000 by the end of the year." - Arthur Azizov
Additionally, Santiment has stated that the ongoing Iran-Israel conflict is expected to contribute to "volatile and unpredictable price action" for Bitcoin.
