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Bitcoin (BTC) fell to a low of $101,500 on June 5, representing its steepest drop in over a month as a wave of selling impacted crypto markets.
This decline continued a multi-day downturn prompted by changing investor sentiment and reduced institutional demand.
The leading cryptocurrency reached a low of $101,500 before slightly recovering to just above $102,000. Bitcoin is currently down more than 8% from last month’s high of nearly $112,000, and additional losses may occur if confidence continues to diminish.
Other major digital currencies also experienced declines. Ethereum (ETH) dropped to a low of $2,506, down roughly 4% for the day, while Solana (SOL) fell to $144, a decrease of about 8%. BNB also saw a decline of over 4%, reaching a low of $640 before attempting to stabilize.
Dogecoin (DOGE) decreased by more than 8% to $0.169, while XRP experienced a decline of approximately 4%, hitting a low of $2.11.
At the time of reporting, Bitcoin was trading at $101,900, down 2.87% for the day as buyers sought to stabilize the price within the six-figure range.
Fading momentum
The downturn follows a significant drop in inflows to spot Bitcoin ETFs, with fund data indicating a 77% weekly decrease. The slowdown in institutional purchases has eliminated a crucial source of support that had bolstered Bitcoin’s recent surge to record levels.
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Simultaneously, larger holders have been liquidating their positions after months of gains, contributing to additional downward pressure. On-chain data reveals increased profit-taking and a general market cooldown following a phase of rapid price growth across the crypto landscape.
The sentiment among asset managers has also shifted, with many pointing to uncertainty regarding the Federal Reserve’s next actions as a reason to lessen exposure to volatile assets like cryptocurrencies.
The selling trend was not confined to crypto markets, as financial markets overall experienced sharp declines during the trading day.
Macro uncertainty
Traders remain apprehensive ahead of forthcoming US jobs data and anticipated remarks from the Federal Reserve. With inflation persisting and interest rates still elevated, risk appetite has diminished across various asset classes. The crypto market has not been exempt, with many investors opting for cash as volatility increases.
A weaker-than-expected jobs report may bolster arguments for interest rate cuts, but could also heighten concerns about an economic slowdown. Earlier this week, the ADP private payrolls report indicated job creation significantly lagging behind expectations, marking its weakest performance in over two years.
Meanwhile, geopolitical and macroeconomic uncertainties continue to loom, driven by tariff issues and impending interest rate decisions from major central banks.
Compounding the uncertainty, leveraged long positions have dropped to their lowest levels since December. The rapid unwinding of these positions suggests that even the most aggressive bulls are retreating, at least for the time being.
If Bitcoin fails to maintain the $100,000 threshold, traders anticipate a rapid decline toward $97,000 or lower, representing a significant retracement from the 2025 peaks.
The post Bitcoin dives below $102k amid fading momentum and macro uncertainty appeared first on CryptoSlate.
