Bitcoin fell below the $105,000 key level after Israel’s military strike on Iran triggered broad risk-off sentiment, but analysts suggest long-term strength.
By Parth Dubey
Editor Julia Sakovich
Updated
3 mins read
As Israel launched a military strike on Iran in the late hours of June 12, the global risk assets saw a major drop in their values. According to the data by CoinMarketCap, Bitcoin BTC $105 683 24h volatility: 0.2% Market cap: $2.10 T Vol. 24h: $49.95 B price plummeted 2.5% to $104,937 at the time of writing.
The sell-off erased nearly $170 billion from the market cap of the world’s largest cryptocurrency, which now sits at $2.08 trillion. The move triggered mass liquidation as traders sought refuge amid rising uncertainty.
Interestingly, the Binance BTC Net Taker Volume hit -$197 million, the lowest since June 6. This metric reveals a flood of aggressive sell orders, confirming widespread fear. Funding rates also plunged into negative territory on Binance Futures, suggesting short sellers are now paying a premium to hold their positions.
Notably, past events of similar sell-side imbalances have often marked short-term bottoms. Earlier this month, BTC recovered 4% within 24 hours of a similar capitulation.
CryptoQuant CEO Ki Young Ju noted that despite the short-term dips, long-term holders accumulated over 881,000 BTC in the past month.
#Bitcoin long-term holders added 881,578 BTC over the past 30 days. pic.twitter.com/0503O8acpm
— Ki Young Ju (@ki_young_ju) June 13, 2025
This aligns with ETF inflow data. More than $970 million has entered US-listed Bitcoin ETFs in the last three days.
Analysts on X suggest that stablecoin reserves are high and social sentiment is at a 7-month peak. They hint that the market may be bracing for a bullish reversal.
On the 4-hour BTC price chart, the RSI is hovering near 37, signaling Bitcoin is approaching oversold territory, which may attract dip buyers. If Bitcoin manages to close above the $105,000 level, traders could see a short-term rally to $107,500.
BTC price chart with RSI and Bollinger Bands. Source: TradingView
Meanwhile, the price is testing the lower Bollinger Band around $104,387. A rebound above the mid-band resistance (20-day SMA) of $107,963 would confirm a bullish reversal.
The MACD is flashing bearish momentum, with the MACD line below the signal line. The declining histogram bars suggest further downside unless a crossover occurs. If BTC fails to hold support near $104,800, the next key level lies at $102,500.
BTC price chart with MACD. Source: TradingView
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
