Bitcoin Takes a Tumble: The $104K Slide and the Witching Hour

by

Key points:

  • Bitcoin loses its pre-Wall Street gains, staying range-bound as the market holds its breath.
  • A record-breaking options expiry event looms, promising to sprinkle some extra volatility into the mix.
  • Despite the wobbles, Bitcoin clings to key support, eyeing a potential leap to $135,000. 🚀

Bitcoin (BTC) decided to take a little nap after the June 20 Wall Street opening bell, as a major expiry event promised to make it a “big day” for US equities. Big, as in, “brace yourselves, folks, this could get bumpy.” 🌪️

Bitcoin Bulls Struggle at Key Moving Averages

Data from CryptoMoon Markets Pro and TradingView showed BTC’s momentum hitting a wall after a brief flirtation with $106,500. It’s like BTC went to a party, had a few drinks, and then decided to call it a night. 🥂

BTC/USD found itself hovering around its 21-day simple moving average (SMA) at 105,800, a level that Keith Alan, co-founder of trading resource Material Indicators, had circled on his calendar. This level also coincided with the 10-day SMA, another level that popular trader Matthew Hyland was keeping a close eye on.

“Market is still positioned short, with more shorts loading up here,” fellow trader Skew noted during BTC’s brief foray past $106,000. “Notable ask depth here on orderbooks means spot flow is pretty dominant and important today.” It’s like everyone’s waiting for the other shoe to drop, or in this case, the other BTC to sell. 🥿

With Bitcoin still stuck in a narrow intraday range, the potential volatility catalyst came in the form of an unusually large TradFi expiry event. Think of it as the market’s version of a fireworks show, but with a lot more numbers and a lot less color. 🎇

“Brace for heightened market volatility today: $6.8 trillion worth of options on stock indexes, ETFs, equity index futures, and individual stocks are set to expire during today’s trading session,” trading resource The Kobeissi Letter warned its X followers. “This is potentially the biggest ‘triple witching’ OpEx on record, according to SpotGamma estimates. It will also be the first monthly post-holiday OpEx in at least 25 years.”

$135,000 BTC Price Target Still “On the Table”

Looking at the bigger picture, trading and analytics account Titan of Crypto saw a glimmer of hope based on weeks of support retention. It’s like BTC has been doing a lot of squats and is now ready to lift some serious weight. 💪

Uploading the weekly chart to X, Titan of Crypto argued that a $135,000 BTC price target was still “on the table.” “BTC broke out of a right-angled descending broadening wedge, and the structure remains valid,” the accompanying commentary summarized.

CryptoMoon has also reported on various bullish price forecasts, including a potential leap to $140,000 and beyond. So, while the market may be a bit wobbly today, the future still looks bright for our digital friend, Bitcoin. 🌞

Read More

2025-06-20 18:30