Here Is Why the Price of Bitcoin Is Going Down Today
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 joined the team in 2021 and quickly established himself with his thirst for knowledge, incredible dedication, and analytical thinking. He not only covers a wide range of current topics, but also writes excellent reviews, PR articles, and educational materials. His articles are also quoted by other news agencies.
