Bitcoin (BTC) Slips Below $104K After Iran

Bitcoin (BTC) price slid 2.2% to $105,100 in the last 24 hours, reflecting a blend of geopolitical shocks, fading investor appetite, and technical resistance. The broader market downturn followed Iran’s launch of over 100 missiles at Israel on June 13, which ignited a sharp risk-off reaction.

As of this writing, Bitcoin trades at $105,194.09. Its 24-hour trading volume surged 44.14% to $73.76 billion. Meanwhile, the market capitalization fell to $2.09 trillion, with the market cap ratio standing at 3.48%. The token’s fully diluted value touched $2.2 trillion. Circulating supply remains at 19.87 million BTC, inching toward the 21 million max cap.

Middle East Tensions Pressure Bitcoin (BTC) Below Resistance

Technically, Bitcoin faced a firm rejection at $111,990, a key resistance that has capped recent rallies. This triggered a retracement toward the $105,000 support, where sell volumes intensified. If this level breaks decisively, prices could revisit the $102,800 intraday low or even slide toward $98,000. Conversely, a bounce from current levels would need to reclaim $108,400 before reattempting the $112K barrier.

According to the TradingView chart, the RSI stands at 49.56, marginally below the RSI average of 53.72, suggesting cooling bullish momentum. This positioning reflects indecision, where neither bulls nor bears dominate. Additionally, the Chaikin Money Flow (CMF) prints a mild 0.03, indicating neutral capital inflows and limited conviction among buyers.

The current price hovers below the short-term moving average, amplifying downside risk. No clear bullish crossover is visible, signaling that upward momentum may remain capped. Volume surged alongside the dip, reinforcing that the fall wasn’t shallow. Should RSI sink further toward 40, bearish strength may accelerate. A move above 55 would suggest renewed buying.

Sentiment is deteriorating fast. The Crypto Fear & Greed Index declined sharply from 61 to 54 in a single day. Meanwhile, ETF inflows have slowed considerably. Derivatives data show $323 million in long positions liquidated since June 12. As the S&P 500 also slipped 0.5%, crypto markets followed suit, reaffirming their macro correlation.

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