“Traders Panic: Is Bitcoin About to Take a Nosedive Below $100k? Experts Weigh In!”

by

In the past few days, Bitcoin has taken something of a ghastly pratfall reminiscent of yours truly after three too many snifters of Aunt Agatha’s sherry. The futures market—or “the casino” as Uncle Oswald calls it—now looks about as cheerful as a telegram from a solicitor, hinting that Bitcoin might continue its gentle swan dive towards the fabled $100,000 level.

As for the facts, dear reader: Bitcoin (BTC) slipped to a rather undignified $104,650 on Wednesday, June 18. This represented a drop of 6.52% from its former, more stately perch. Not to be left behind, options traders have started eyeing the abyss with gusto; Deribit’s put-to-call volume ratio soared to 2.17, which is the City way of saying “everyone’s got the wind up.” In plain English: more traders are buying put options, nervously hedging their bets and hoping for the best while expecting the worst.

A put option, for those unfamiliar with the sport, is much like reserving the right to sell your unwanted salmon at a fixed price before the local fishmonger realizes it’s starting to pong. The current betting is heavily stacked at the $100,000 strike, with Friday’s contracts looking positively morose.

It doesn’t help that the world scene is as stable as a cocktail party at the Drones Club after Gussie Fink-Nottle spikes the punch. Mid-East tensions are ratcheting up; none other than Donald Trump has opined that the U.S. might join the dust-up, aiming a metaphorical custard pie at Iran’s Supreme Leader, Ayatollah Ali Khamenei. 🍿

All this kerfuffle has sent Brent and West Texas Intermediate crude prices scampering upwards to $76 and $74, respectively, and shipping costs are doing the Charleston. No surprise then that the Federal Open Market Committee is currently adopting the “peek from behind the sofa” strategy, trying to work out if now is the time for action or another round of gin rummy.

Brightening the mood—even Jeeves would nod in approval—Bitcoin demand is showing a bit of a spark. Spot Bitcoin ETFs inhaled over $216 million in inflows on Tuesday, pushing the total up to a whopping $46.26 billion—enough to make even Lord Emsworth sit up and take notice. One XBTO analyst noted, with trademark gloom:

“A hawkish signal from the Federal Reserve could strengthen the US dollar and trigger a test of the psychological $100,000 mark. The geopolitical situation remains a wildcard, where further deterioration would likely trigger another move down across risk assets.” (That’s analyst speak for “batten down the hatches and keep your lucky rabbit’s foot handy.”)

Bitcoin price has formed a double-top pattern

On the eight-hour chart—every bit as thrilling as one of Aunt Dahlia’s steeplechases—BTC has tumbled from its lofty $110,500 down to a humbler $104,530. It now sports a double-top pattern with a neckline at $100,300, which chart aficionados whisper is a portent of bearish breakouts. (If you’re confused, just know that “double-top” isn’t half as much fun as double cream.)

Bitcoin has tiptoed under the 50-period Exponential Moving Average and is casting a wary eye at the 23.6% Fibonacci retracement level. As for the MACD indicator, it’s dropped below the zero line and is currently moping around like Bertie after a frosty letter from his fiancée.

Thus, the next number to watch—should you have a penchant for suspense—is $100,300, about 4.2% lower than what your Bitcoin was last seen wearing. Fall below that, and it’s a slippery slope down to the 38.2% retracement at $97,560. All in all: fasten your seatbelts and keep an eye on your valuables, chums! 🚀

Read More

2025-06-18 16:37