Bitcoin Price Analysis: BTC Briefly Reclaims $106,000 As Price Action Picks Up

Bitcoin (BTC) is up over 1% as price action picked up during the ongoing session, allowing it to reclaim $106,000 and move to its current level of $106,155. The flagship cryptocurrency has struggled in recent sessions, struggling to build momentum since losing $110,000 on Wednesday (June 11). Market sentiment and price action have been adversely impacted due to macroeconomic uncertainty, rising geopolitical tensions, and a hawkish Fed. US Crypto Policies Could Help Trump Family’s Push Into Bitcoin Mining During a Wall Street conference call in April, Eric Trump announced a new venture in the crypto sector, revealing a partnership with crypto firm Hut 8 to establish American Bitcoin, a Bitcoin mining-focused company. According to a report, Eric Trump stated that the policies of his father’s administration would give American Bitcoin a decisive competitive advantage, highlighting the government’s commitment to strong energy policies and low-cost energy. The Trump family’s business interests have raised ethical concerns about the conflict of interest between government and industry. American Bitcoin’s launch has intensified these concerns by deepening the family’s involvement with crypto. President Trump is already linked with two other crypto ventures. He has also ended a Securities and Exchange Commission (SEC) enforcement campaign against crypto, with the administration taking a friendlier stance. American Bitcoin holds 215 Bitcoin valued at around $22.5 million. The company plans to purchase more of the asset and offer shares on Wall Street, providing another investment opportunity connected to the Trump family. BlackRock ETF Holds 3.25% Of Bitcoin Supply BlackRock’s spot Bitcoin ETF is nearing $70 billion in assets under management, indicating growing interest from institutional investors as retail interest slows down. The world’s largest asset manager has acquired $69.7 billion worth of Bitcoin through its iShares Bitcoin Trust (IBIT), over 3.25% of the total supply. IBIT controls over 54% of the spot Bitcoin ETF market in the US. US spot Bitcoin ETFs hold 6.12% of Bitcoin’s total supply of 21 million. IBIT has also entered the world’s top 25 largest ETFs by assets under management, becoming the 23rd largest ETF among crypto and traditional finance products, according to data from VettaFi. However, some analysts believe demand for ETFs is being offset by profit-taking and selling pressure for miners. Illya Kachev, an analyst at Nexo, believes a price breakout will require a new catalyst or major sentiment shift. He added that long-dormant wallets are absorbing more supply, outpacing miners. He also added that corporate treasury strategies and accumulation by institutional investors are offsetting profit-taking. On-chain data shows that high-value transfers dominate the Bitcoin network. While total transactions have declined, the average transaction size has grown to $36,200. A recent Glassnode report stated, “This trend implies that larger entities continue to utilize the Bitcoin network, with the throughput per transaction rising even as overall activity by count declines.” Bitcoin (BTC) Price Analysis Bitcoin (BTC) price action has come back to life during the ongoing session, with the flagship cryptocurrency briefly reclaiming $106,000 after rising over 1%. According to analysts, BTC must decisively cross $106,000 for a move to new all-time highs to materialize. The flagship cryptocurrency has been sluggish since slipping below $110,000 on Wednesday (June 11), with sellers having the upper hand. BTC fell to a low of $102,854 before recovering to reclaim $105,000 and moving to current levels. Traders are looking to a historically bullish second half to get BTC and the broader crypto market out of the current rut. Crypto markets have historically remained subdued June-July. This time, the markets have entered a lull, with BTC front-end implied volumes dropping below 40%, erasing the risk premium from geopolitical tensions. Open interest continues to be flat while options markets turn negative. Joel Kruger, Strategist at LMAX Group, stated, “There’s been no change to the technical picture, which remains supportive of another push to the topside. BTC continues to consolidate bullishly, and a move through recent highs could set up a run toward $145,000.” Price action has been muted since the FOMC meeting, which kept rates unchanged, reiterating a cautious, inflation-sensitive approach. Investors and analysts are divided on whether BTC could surge to a new all-time high or slip below $100,000, especially with the broader market trading sideways. BTC hasn’t fallen to $94,000 since May 6 but has struggled in recent sessions, losing momentum after crossing $110,000. The decline was primarily attributed to escalating geopolitical tensions and macroeconomic uncertainty, which dampened market and investor sentiment. While crypto bulls like Michael Saylor are confident a bear market will not return for BTC , other analysts do not share his confidence. Prominent crypto trader Rekt Capital disagreed with Saylor, stating, “People think #BTC will never see another Bear Market because it is now mainstream & too mature of an asset. One will likely occur after this Bull Market.” BTC ended the previous weekend in positive territory, setting at $105,791. Bullish sentiment intensified on Monday as BTC rallied over 4%, surging past the 20-day SMA and $110,000 to settle at $110,247. The price fell to a low of $108,325 on Tuesday but recovered to reclaim $110,000 and settle at $110,258. BTC lost momentum on Wednesday, falling 1.43% to $108,686. Bearish sentiment intensified on Thursday as BTC fell nearly 3%, slipping below the 20-day SMA and settling at $105,826. BTC plunged to an intraday low of $102,854 on Friday as selling pressure intensified. However, it rebounded from this level to reclaim $106,000 and settle at $106,106. Source: TradingView Price action was mixed over the weekend as BTC dropped 0.59% on Saturday and then registered a marginal increase on Sunday to settle at $105,561. The price raced to an intraday high of $108,939 but lost momentum after reaching this session, ultimately settling at $106,808 after an increase of 1.18%. However, BTC was back in the red on Tuesday, dropping over 2%, slipping below $105,000 and settling at $104,519. The flagship cryptocurrency registered a marginal increase on Wednesday but was back in the red on Thursday, dropping 0.24% to $104,631. Price action has picked up during the ongoing session, with BTC up over 1%, trading around $105,996. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: Bitzo