Odaily News Bitfinex Alpha reports: Bitcoin (last week) showed a strong rebound at the beginning of the week, up 4.7% from the weekly opening price and briefly retesting the previous all-time high of $109,590. However, after Israel's unexpected attack on Iran on June 13 triggered a global market crash, optimism was quickly replaced by risk aversion. Bitcoin gave up most of its early gains, falling 7.33% and closing lower this week as rising oil prices and macro uncertainties weighed heavily on investor sentiment, highlighting how even strong trends can quickly go off track due to external shocks, especially when the market is hot.
Beneath the surface, trader behavior reveals growing pressure. Bitcoin net buying volume plummeted to -$197 million (see chart below), the lowest level since June 6, suggesting that sellers have taken control of the market and are aggressively dumping BTC at market prices. However, this sell-off, coupled with a surge in liquidations, resembles past capitulation sell-offs - which often mark local market bottoms. If Bitcoin can hold the $102,000-$103,000 range, it could indicate that selling pressure is being absorbed and the market could be ready for a recovery - provided geopolitical risks do not intensify further.