Bitcoin’s price has plunged below the $103,300 mark as investors move to reduce risk ahead of the upcoming Federal Open Market Committee (FOMC) policy meeting, scheduled for this Wednesday. The move comes on the heels of a red weekly candle close, sparking concerns that the market may be entering a deeper corrective phase.
Adding to the pressure are rising geopolitical tensions in the Middle East, particularly between Israel and Iran, which continue to weigh heavily on investor sentiment. Hopes for de-escalation were briefly buoyed by rumors that former U.S. President Donald Trump was mediating between the two nations—rumors that were quickly dismissed when Trump issued a stern security warning instead.
The situation escalated further when Trump abruptly ordered an emergency evacuation in Tehran and cut short his trip to the G7 summit. Simultaneously, Fox News reported that he had convened the National Security Council in the emergency situation room—raising the possibility of U.S. military involvement.
Amid mounting uncertainty, risk assets like Bitcoin faced sharp sell-offs. BTC once again failed to break above the key resistance level of $105,000 and is now struggling to hold the $103,000 support zone.
According to Swissblock, the recent decline is not solely driven by macro events but also aligns with seasonal weakness and a slowdown in on-chain activity. Spot market demand appears to be cooling, while over $434 million worth of Bitcoin futures were liquidated in the past 24 hours, highlighting how leveraged positions are being unwound as traders shift to a more cautious stance.
Still, one bright spot remains: the Coinbase Premium Index—which compares BTC prices on Coinbase and Binance—has remained positive throughout June. This suggests that demand from U.S.-based investors is holding steady, although it has not been strong enough to lift prices in the short term.
