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Bitcoin (BTC) faced downward pressure on June 17, slipping below $105,000 to intraday lows of $104,401 after the Wall Street open, as reported by Cointelegraph. Analysis from trading resource Material Indicators highlighted potential manipulation in the BTC order book, warning of a “rug pull” at $104,000 if the price dips further below $105,000. Liquidity spoofing, a tactic used by large-volume traders to influence price trends, was noted as a contributing factor. Despite the volatility, trader Skew observed that Bitcoin bulls are showing more restraint compared to previous pullbacks, though a significant market move is still anticipated. Meanwhile, the US dollar index (DXY), which often moves inversely to Bitcoin, showed signs of recovery from multiyear lows, with analysts pointing to oversold conditions and bullish divergence. Gold prices fell, and market perspectives on Middle East tensions, particularly between Israel and Iran, remained relatively calm, dismissing fears of a broader conflict. The article emphasizes the ongoing volatility in crypto markets and the need for investors to conduct thorough research before making decisions, as external factors like dollar strength and geopolitical events continue to influence Bitcoin’s trajectory.
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The stock market in 2025 is soaring to new heights, propelled by megacap giants like Nvidia and Meta, as well as speculative investments in meme stocks such as Palantir and heavily shorted names like Super Micro Computer. Retail investors are a driving force behind this rally, favoring riskier, unprofitable tech and momentum-driven trades over traditional fundamentals, as highlighted by experts like Liz Ann Sonders of Charles Schwab. Data from Goldman Sachs and Bespoke Investment Group shows unprofitable companies and high-beta stocks significantly outperforming the broader market, with nearly 420 Russell 3000 stocks surging over 50% in a short period. New entrants like Circle and CoreWeave have skyrocketed post-IPO, reflecting the speculative appetite. However, this disconnect from fundamentals raises red flags on Wall Street, with warnings of market gamification and potential risks from strategists like Chad Morganlander and Steve Sosnick. While momentum and fear of missing out (FOMO) currently dominate investor behavior, concerns linger that fundamentals will eventually reassert themselves, potentially leading to a market correction. For now, the bullish wave persists, though not without cautionary notes about future volatility.
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Elon Musk has confirmed that his newly launched "America Party" will embrace Bitcoin, declaring fiat currency as "hopeless" in response to a query on X. This announcement, made on July 6, sparked enthusiastic reactions from the crypto community, with leaders like Brandon Turp and Ben Pham praising the move as a potential savior for the nation. Musk's decision to launch the party stems from his dissatisfaction with the U.S. two-party system and a public feud with Donald Trump over legislative issues, despite previously supporting Trump's campaign and leading the Department of Government Efficiency (D.O.G.E.). While Bitcoin's price surged following the news, reaching $109,627.25 from $108,735.07, questions linger about Tesla resuming Bitcoin payments, which were halted in 2021 due to environmental concerns. Additionally, discussions around stablecoins like Tether (USDT), the largest stablecoin with a $159.46 billion market cap, surfaced as a potential means to bolster fiat. Musk's political and financial moves continue to draw significant attention, blending cryptocurrency advocacy with political innovation, though hopes for Dogecoin integration remain unfulfilled among enthusiasts.
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Bitcoin (BTC) is currently trading at $109K, showing modest gains of 0.8% over the past week and 4.5% over the last month, yet it remains in a consolidation phase without breaking past all-time highs. A CryptoQuant report reveals a significant decline in spot demand, with a contraction of -895K BTC in the last 30 days, overshadowing institutional purchases by ETFs and Michael Saylor’s Strategy (MSTR). Institutional buying has notably slowed, with ETF purchases dropping from 86,000 BTC in December to 40,000 recently, and MSTR buys falling from 171,000 to 16,000. This weakening demand is further evidenced by BTC’s nearly empty mempool, indicating low retail interest. SkyBridge Capital’s Anthony Scaramucci suggests the trend of companies adopting BTC as a treasury asset, a key demand driver, may fade, though he remains bullish on BTC overall. Meanwhile, Standard Chartered holds a positive outlook, targeting a $200K price for BTC. Other market movements include Ethereum rallying to $2,558.63 with strong ETF inflows, gold surging 1.91% to $3,336.61 amid a weakening dollar, and Japan’s Nikkei 225 slipping 0.26% due to tariff uncertainties. The crypto market faces challenges from declining demand, raising questions about potential resistance to BTC’s price if institutional support continues to wane.
