Bitcoin has pulled back sharply from its all-time high of $111,867.95, briefly dipping below $99,000 over the weekend. The decline triggered over $1 billion in liquidations, mostly from leveraged long positions, as market sentiment turned risk-averse.
Technically, Bitcoin remains under pressure, trading below its 20- and 50-period EMAs. Momentum indicators continue to signal weakness, with the RSI below 50 and the Momentum Oscillator under 100. A close below $100,226.49 could confirm a bearish Head and Shoulders pattern, potentially opening the door to further downside.
Overview
Bitcoin has pulled back sharply from its all-time high of $111,867.95, briefly dipping below $99,000 over the weekend. The decline triggered over $1 billion in liquidations, mostly from leveraged long positions, as market sentiment turned risk-averse.
Technically, Bitcoin remains under pressure, trading below its 20- and 50-period EMAs. Momentum indicators continue to signal weakness, with the RSI below 50 and the Momentum Oscillator under 100. A close below $100,226.49 could confirm a bearish Head and Shoulders pattern, potentially opening the door to further downside.
Key Economic Events
Monday 10:15 am (GMT+3) - France: Flash Manufacturing PMI (EUR)
Monday 10:15 am (GMT+3) - France: Flash Services PMI (EUR)
Monday 10:30 am (GMT+3) - Germany: Flash Manufacturing PMI (EUR)
Monday 10:30 am (GMT+3) - Germany: Flash Services PMI (EUR)
Monday 11:30 am (GMT+3) - UK: Flash Manufacturing PMI (GBP)
Monday 11:30 am (GMT+3) - UK: Flash Services PMI (GBP)
Monday 16:45 (GMT+3) - USA: Flash Manufacturing PMI (USD)
Monday 16:45 (GMT+3) - USA: Flash Services PMI (USD)
Tuesday 15:30 (GMT+3) - Canada: CPI m/m (CAD)
Wednesday 04:30 am (GMT+3) - Australia: CPI y/y (AUD)
Thursday 15:30 (GMT+3) - USA: Final GDP q/q (USD)
Thursday 15:30 (GMT+3) - USA: Unemployment Claims (USD)
Friday 15:30 (GMT+3) - Canada: GDP m/m (CAD)
Friday 15:30 (GMT+3) - USA: Core PCE Price Index m/m (USD)
Technical Analysis
Since posting an all-time high of 111,867.95 on May 22, BTCUSD has lost upward momentum, retreating from recent peaks as global geopolitical tensions weigh on risk sentiment.
From a technical standpoint, BTCUSD remains under pressure, trading below both the 20- and 50-period Exponential Moving Averages (EMAs). While this reflects sustained bearish bias, the 20-period EMA has not yet crossed below the 50-period EMA — a move that would confirm a classic "Death Cross" signal.
Momentum indicators continue to support the downside case. The Momentum Oscillator has slipped below the 100 level, and the Relative Strength Index (RSI) has broken beneath the 50 threshold, signaling weakening bullish strength.
A decisive close below the key support at 100,226.49 would complete a textbook Head and Shoulders formation — one of the most reliable bearish patterns in technical analysis — and could open the door for a deeper correction.
Potential Upside Targets
If buyers take control of the market, traders may shift their focus to the following four potential resistance levels:
105,749.77: The first level of resistance is determined at $105,749.77, which reflects the Leftt Shoulder reached on May 12.
110,556.86: The second resistance level is observed at $110,556.86, which aligns with the Right Shoulder formed on June 9.
111,867.95: The third price objective is projected at $111,867.95, which represents the all-time high recorded on May 22.
118,291.25: An additional price objective is projected at $118,291.25 representing the 161.8% Fiboancci Extension drawn from $110,556.86 to $98,041.67.
Potential Downside Targets
If sellers maintain control of the market, traders may focus on the following four key support levels:
100,226.49: The initial support level is estimated at $100,226.49, representing the neckline of the Head and Shoulders reversal pattern.
93,842.32: The second support level is determined at $93,842.32, aligning with the 161.8% Fibonacci Extension drawn from $100,226.49 to $110,556.86.
88,658.18: The third support level is established at $88,658.18, reflecting the peak from March 24.
83,511.95: An additional downside target is noted at $83,511.95, representing 261.8% Fibonacci Extension drawn from $100,226.49 to $110,556.86.
Fundamentals
Bitcoin dropped sharply over the weekend, briefly falling below $99,000 — its lowest level in over a month — as tensions escalated between the US and Iran. Fears of a wider conflict and renewed inflation concerns triggered a sell-off across the crypto market, with ether and other major coins also tumbling.
More than $1 billion in crypto positions were liquidated in just 24 hours, mostly from overly aggressive long bets. Spot bitcoin ETF inflows also stalled as institutional investors turned cautious ahead of a potential US response to Iran.
Although Bitcoin is often promoted as a hedge against inflation, it's now acting more like a risky tech stock. Analysts note its growing correlation with the Nasdaq and say rising geopolitical and economic uncertainty is prompting traders to exit speculative assets.
Conclusion
Bitcoin's’ recent drop highlights how quickly sentiment can shift in a volatile market. With key support levels under pressure and technical signals flashing bearish, traders are watching closely for confirmation of a deeper correction. While a rebound is still possible, the path forward remains uncertain, especially as investors grow more cautious. Whether bulls or bears take control next will likely depend on how Bitcoin reacts around the $100,000 mark.