Bitcoin’s price action has sparked alarm among investors as it dipped below $105,000 on 17 June 2025, fuelling fears of a potential “rug pull” at $104,000, with analysts warning of a significant market move on the horizon. The cryptocurrency’s volatility, amplified by geopolitical tensions and macroeconomic shifts, has traders on edge, scrutinising order books for signs of manipulation.
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin (BTC) hitting intraday lows of $104,401 after the Wall Street open on 17 June, marking a rare streak of 11 consecutive red hourly candles. This downward pressure kept bullish momentum in check, with trading resource Material Indicators highlighting unusual order book activity. “This is what manipulation looks like in the $BTC order book,” they posted on X, pointing to shifting bid liquidity as prices fell. They warned, “If price breaks below $105k, be prepared for a rug pull at $104k,” suggesting large-volume traders might be engaging in liquidity “spoofing” to drive prices lower.
The term “rug pull,” typically associated with decentralised finance scams where developers abandon projects, here refers to a potential orchestrated sell-off by major holders at the $104,000 level, triggering a sharp price drop. Such manipulation could erode investor confidence and ripple across the crypto market, prompting calls for tighter regulation. Despite the bearish signals, trader Skew offered a measured outlook, noting Bitcoin traders showed restraint compared to past pullbacks. “For a 3% or so pullback so far market isn’t panicked yet,” Skew posted on X, adding, “This means the big move has yet to occur & is brewing.”
External factors are compounding the uncertainty. The U.S. dollar index (DXY), which often moves inversely to Bitcoin, showed signs of recovery from multi-year lows, with trader Guilherme Tavares noting bullish divergence and oversold conditions. “Asset managers are heavily short on the USD,” he reported, suggesting a potential DXY rally could further pressure Bitcoin. Gold prices, another safe-haven asset, eased slightly, while Middle East tensions, particularly between Israel and Iran, kept markets jittery, though analysts like The Kobeissi Letter dismissed fears of a broader conflict impacting assets long-term.
Bitcoin’s technical outlook remains pivotal. Analysts identified $103,700 as a major support level, with 95% of recent buyers holding positions below this mark, while $109,000–$110,000 poses resistance. A break above $108,000 could open the door to $110,000, per Material Indicators, but failure to hold $104,000 risks deeper declines towards $100,000 or lower Fibonacci supports at $93,000. Traders are also eyeing the U.S. Federal Reserve’s interest rate decision on 19 June, expected to hold steady, though updated economic projections could sway sentiment.
As Bitcoin hovers at this critical juncture, market participants urge caution. The prospect of a $104,000 rug pull underscores the crypto market’s inherent risks, with volatility likely to intensify. Investors are advised to monitor order book trends and macroeconomic developments closely, as Bitcoin’s next move could set the tone for the broader digital asset landscape.
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