Bitcoin’s $104K ‘Rug Pull’: The Cosmic Comedy of Crypto Chaos! 🚀💸

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Key points:

  • As the Wall Street open heralds a new day of financial absurdity, BTC price weakness accelerates, warning of a “rug pull” at the utterly specific and slightly alarming $104,000. Who knew numbers could be so dramatic? 🤔

  • Bitcoin bulls, bless their hearts, are valiantly attempting to avoid panic reactions to the downside volatility triggers, which is a bit like trying to catch a greased pig at a county fair. 🐖

  • Meanwhile, the US dollar, having hit new three-year lows, is eyeing a comeback like a washed-up rock star at a reunion tour. 🎤

On June 17, Bitcoin (BTC) broke below $105,000, as if it were auditioning for a role in a tragic play, with analysts warning that a “big move” was yet to come. Stay tuned, folks! 🎭

BTC price move “brewing” — Trader

Data from CryptoMoon Markets Pro and TradingView revealed that BTC/USD hit intraday lows of $104,401 after the Wall Street open, which is about as exciting as watching paint dry, but with more existential dread.

A rare 11 red hourly candles in a row kept bulls firmly in check, like a toddler in a candy store with a strict parent. 🍬

“This is what manipulation looks like in the $BTC order book,” summarized trading resource Material Indicators on X, referring to the shifting bid liquidity as price fell. It’s like watching a magician pull a rabbit out of a hat, except the rabbit is a financial disaster. 🎩🐇

“If price breaks below $105k, be prepared for a rug pull at $104k.”

Liquidity “spoofing,” as CryptoMoon previously reported, is a common phenomenon on crypto markets when large-volume traders wish to influence price trajectory, much like a toddler throwing a tantrum to get their way. 😤

“If bulls can push above $108k, the door to $110k is open,” Material Indicators acknowledged the day prior, as if they were discussing the latest episode of a soap opera. 📺

Discussing overall market strength, popular trader Skew was fairly optimistic, noting that Bitcoin traders were demonstrating more restraint than during other recent market pullbacks, despite considerable geopolitical pressure. It’s like watching a cat decide whether to jump off a high shelf. 🐱

Volatility, he warned, was nonetheless lurking around the corner, ready to pounce like a cat on a laser pointer. 🔦

“For a 3% or so pullback so far, the market isn’t panicked yet, although on LTF there’s clear hedge bias. Previous dips were 5% or so but had aggressive shorting, spot selling & uptick in volatility with sell momentum/Volume,” part of an X post read, which sounds like a recipe for financial chaos. 🍲

“So this means the big move has yet to occur & is brewing.”

“Deeply oversold” US dollar teases comeback

With gold falling and US dollar strength showing signs of bullish divergence, perspectives on the Middle East conflict were far from panicked, which is a relief, considering the state of the universe. 🌌

In ongoing X analysis, trading resource The Kobeissi Letter dismissed the idea that Israel-Iran tensions could spiral into a global war, which is a bit like saying the sky isn’t falling. 🌤️

‘While gold is strong, it continues to paint a consistent narrative: We are not on the brink of World War 3,” it concluded on the day, which is comforting, if not a tad optimistic. 🤷‍♂️

“Oil prices are up ~2% today despite ongoing attacks between Israel and Iran. Meanwhile, the 10Y Yield is nearing 4.50%. Markets say this won’t be a long-term headwind.”

The US dollar index (DXY), which traditionally trades inversely to Bitcoin, teased a recovery from multiyear lows, like a phoenix rising from the ashes, or at least a very confused bird. 🦅

“Asset managers are heavily short on the USD. The last time positioning was this bearish, the DXY staged a notable rally,” trader and market strategist Guilherme Tavares reported, as if he were narrating a thrilling adventure novel. 📖

“Additionally, the index is trading near a key support level, and the RSI (14) is deeply oversold, showing signs of bullish divergence.”

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2025-06-17 18:55