Bitcoin is under pressure once again, falling almost 4% in the past 24 hours and breaking below key technical levels.
The drop, which brings Bitcoin near $103,000, stems from a potent mix of geopolitical tension, institutional selling, and bearish market signals.
Geopolitical Shock Sparks Risk-Off Sentiment
The primary trigger came on June 17 at 16:40 UTC, when an Iranian military commander warned of potential attacks on Israel. This escalation in Middle East tensions sent shockwaves through financial markets, driving a 3% spike in Brent crude oil and reviving fears of inflation and stagflation.
Historically, BTC has reacted negatively to such conflict: data from CoinMarketCap shows average 10% drops during Middle East flare-ups, as traders rotate out of risk assets.
ETF Outflows Compound Selling Pressure
Another major blow came from the ETF front. Bitcoin investment products saw $430 million in outflows, marking the end of a 31-day inflow streak. BlackRock’s iShares Bitcoin Trust (IBIT) recorded its largest single-day outflow since launch, signaling short-term profit-taking and cooling institutional momentum.
Derivatives Market Turns Bearish
The sentiment shift is also reflected in crypto derivatives:
- The 1-week options skew flipped to +10.1%, indicating a surge in downside hedging
- Over $600 million in long positions were liquidated as Bitcoin dipped into the $103,000–$104,000 zone.
Technically, the market is weakening:
- The MACD histogram hit -307, the lowest since May 30’s plunge to $100,372
- Fibonacci 23.6% support at $109,248 failed; next major level is $107,564
- RSI (14) has dropped to 53.55, diverging from the long-term RSI (365d) of 57.07, a sign of cooling momentum
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/here-is-why-the-price-of-bitcoin-is-going-down-today/