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COINTURK NEWS > Bitcoin (BTC) > Bitcoin Faces Intense Selling Pressure as Price Drops
Bitcoin (BTC)

Bitcoin Faces Intense Selling Pressure as Price Drops

In Brief

  • Bitcoin drops 2.4% to 107,000 dollars due to technical and market factors.

  • Failed attempts to surpass 110,000-dollar resistance intensified selling pressure.

  • Long-term prospects remain strong despite short-term corrections in Bitcoin's price.

Ömer Ergin
Ömer Ergin 3 weeks ago
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In the past 24 hours, Bitcoin’s price has experienced a 2.4% drop, bringing it down to the 107,000-dollar level. On June 11th, Bitcoin $109,973 attempted to overcome the 110,000-dollar resistance but failed. The primary driver behind this decline was a technical correction, coupled with significant liquidations in the derivatives market. Sellers gained dominance near the record-high levels of 111,814 dollars recorded in May, leading to the liquidation of long positions worth over 323 million dollars.

Contents
Technical Resistance Challenges for BitcoinSurge of Liquidations in Derivatives MarketsMacroeconomic Factors and Market Sentiment

Technical Resistance Challenges for Bitcoin

On June 11th, Bitcoin approached the 110,000-dollar mark but could not surpass this crucial technical and psychological barrier. Analysts pointed out an increase in selling pressure in the area just below the all-time high of 111,814 dollars, recorded on May 22nd. Experts like Michaël van de Poppe emphasized that the failure to breach this level demonstrated sellers’ dominance in the market.

Technical indicators suggest short-term overbought conditions, with tools like the MACD histogram (+298) and Relative Strength Index (RSI) (59) indicating the price needs a breather in this region. These signals triggered short-term investors to realize their gains, causing Bitcoin’s price to rapidly retreat from 110,000 dollars to around 107,000 dollars.

Surge of Liquidations in Derivatives Markets

Bitcoin’s inability to surpass the 110,000-dollar resistance put significant pressure on highly leveraged positions. In the last 24 hours, over 323 million dollars worth of positions were forcibly closed in the global crypto market, with 72% being long positions betting on a price increase. This intensified the selling pressure further.

Derivatives market data had already signaled a correction. Total open position volume decreased by 2.3%, falling to 688 billion dollars. Despite this decline, continued positive funding rates created a “soft reversal” environment, as noted by analyst Axel Adler Jr. This was similar to the 8.5% drop following 358 million dollars worth of ETF outflows on May 29th.

Macroeconomic Factors and Market Sentiment

Despite the short-term correction, long-term fundamentals still appear strong. The recent US inflation data from May (actual 2.4%, expected 2.5%) and anticipated interest rate cuts by the Federal Reserve are considered positive for the crypto market. However, the market had largely priced in these favorable developments, limiting immediate reactions.

The change in market sentiment is noteworthy. The Fear and Greed Index from CoinMarketCap fell from 65 to 61 (Greed), indicating more cautious behavior among buyers compared to the previous day. Social media analyses confirm this cooling, with positive commentary about Bitcoin declining from excessive recent levels to a 2-to-1 ratio.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Ömer Ergin 12 June, 2025 - 6:15 pm 12 June, 2025 - 6:15 pm
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