Bitcoin price tumbled below the key support level to a low of $102K on Friday amid volatility due to airstrikes on Iran’s nuclear facilities by Iran, uncertainty surrounding Trump tariffs, and crypto options expiry.
While BTC price would try to reclaim $106K, a strong resistance level now, analysts predict key levels to watch amid a sudden price drop.
Bitcoin Price Prediction by Top Analyst
Bitcoin’s breakout above $106,000 didn’t hold, and that could mean more than just a failed rally. Rather, the rally to $110K turned out to be a “bull trap” which was driven by high-leverage traders.
10x Research analyst Markus Thielen in an X post on June 13 highlighted the importance for bulls to hold the $106,000 for a further rally.
Bitcoin falling back below the threshold invalidated 10x Research’s breakout signal, reinforcing a cautious stance on further rally.
The firm asserts that breakouts in both BTC and ETH were triggered by initial hype around the Circle IPO, which temporarily fueled speculative interest. Circle (CRCL) stock rallied over 168% on debut after it opened at $69, above its IPO price of $31, and closed at $83.23.
10x Research predicted $100,437 as the next support level to watch. If the sentiment drops near the support, then BTC price could drop further.
The analyst also forecasted a lack of strong fundamental backing in the Ethereum price chart, which appears to be driven mainly by speculative positioning.
Institutional Investors to Hold or Sell Bitcoin?
President Donald Trump issued his first statement on Israel’s attack on Iran. He called Israel’s attack on Iran “excellent” and says, “there’s more to come, a lot more.”
The White House released statements clarifying that the US was not involved in airstrikes on Iran.
Moreover, President Trump gave Iran another chance to make the deal, as per a post by The White House on X.
Bitcoin price risks falling more as institutions haven’t sold their holdings yet. Notably, spot Bitcoin and Ethereum saw net inflows data for Thursday for positive, with $86.3 million net inflow in Bitcoin ETFs.
Glassnode reported that Bitcoin ETFs have shown slower momentum as the net inflow was 7.8K BTC in a week. It was modestly above average but far below May peaks, when the highest daily inflow reached up to 7.9K BTC. Flow data indicating outflow can increase bearish sentiment in the market.
Bitcoin Bull Market in Danger?
On-chain analyst IT Tech noted the Short-Term Holder Realized Price (STH RP) metric still holds the key to market confidence.
This level reflects the average on-chain cost basis of investors who bought BTC within the last 155 days. Historically, it acts as a support in bull markets and resistance in bear markets.
He predicted that the BTC price would hold above the Short-Term Holder Realized Price at $97.97. “As long as BTC stays above STH RP, there’s no reason to panic,” he added.
Historically, BTC price went into deeper correction only after the price fell below the short-term holder realized price.
At the time of writing, Bitcoin price was trading at $104,871, down 2% in the last 24 hours. The 24-hour low and high were $102,822 and $108,439, respectively.
Furthermore, trading volume has increased by 36% in the last 24 hours, indicating interest among traders.
