Bitcoin threatens $104K ‘rug pull’ as trader says major move yet to come

Key Points

  • Bitcoin price drops below $105,000, hitting intraday lows of $104,401 after the Wall Street open on June 17.
  • Analysis warns of a potential “rug pull” at $104,000 if price breaks below $105,000, citing order book manipulation and liquidity spoofing.
  • Trader optimism persists as bulls show restraint despite volatility, with a significant market move still “brewing.”
  • US dollar strength shows signs of recovery from multiyear lows, potentially impacting Bitcoin’s inverse correlation.

Summary

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.

cointelegraph
June 18, 2025
Crypto
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