Bitcoin (BTC) trades in a precarious position near $112,000, caught between key technical levels that could determine its next major directional move following a pullback from the $124,000 all-time high reached two weeks ago.

According to an Aug. 27 report by Glassnode, BTC faces immediate resistance at $113,700, which aligns with the three-month cost basis of recent investors.

Potential sell pressure

Any bounce attempt will likely encounter selling pressure from short-term holders seeking breakeven exits after being pushed into unrealized losses. The one-month cost basis sits higher at $115,600, creating an additional resistance layer that could cap recovery attempts.

More concerning for bulls, the critical support level rests at $107,000, representing the six-month cost basis threshold. As of press time, Bitcoin is priced at $112,206.57.

A sustained breakdown below this zone risks triggering fear among newer market participants and could accelerate downside momentum toward the $95,000-$93,000 region, where historical analysis suggests potential bottom formation.

The Cost Basis Distribution Heatmap reveals a thick cluster of supply between $93,000 and $110,000 that has been forming since December 2024. This accumulation zone has provided resilience above $110,000 but also represents the logical target area should selling pressure intensify.

Statistical analysis of four-year bands indicates prior bearish drawdowns typically found lows around one standard deviation beneath short-term holders’ cost basis, supporting the $95,100 projection.

Investors show indecision

The current market structure indicates that Bitcoin has experienced an 11.4% drawdown from its peak, which remains modest compared to historical mid-cycle corrections that typically exceed 25%.

The Relative Unrealized Loss stands at just 0.5%, far below the 30% levels typically associated with deep bear phases. This metric suggests that the broader market has yet to experience severe stress.

However, sentiment indicators point to mounting pressure. The Spent Output Profit Ratio hovers near neutral at 1.0, indicating that investors are neither realizing significant gains nor losses.

Perpetual futures markets have shifted decidedly bearish since July, with Cumulative Volume Delta showing sustained sell pressure across major exchanges, including Binance and Bybit.

Spot market sentiment has shifted from the strong buying pressure observed in April, which fueled the rebound from $72,000. Funding rates remain near 0.01% across exchanges, indicating a fragile equilibrium where even modest sell pressure could quickly shift sentiment bearish.

Bitcoin’s technical setup presents a binary outcome. Any relief rally faces formidable resistance at $113,700, while losing the $107,000 support opens the door to accelerated declines targeting the $95,000-$93,000 zone where substantial supply clusters await.

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Bitcoin

traded in a tight range just during U.S. hours Thursday ahead of a big options quarter expiry on Friday.

The top cryptocurrency is currently trading for $107,500, down 0.2% in the past 24 hours, while the CoinDesk 20 — an index of the top 20 coins by market capitalization, except for stablecoins, exchange coins and stablecoins — lost 0.9% in the same period of time.

“This Friday marks one of the largest option expiries of the year on Deribit,” Jean-David Péquignot, chief commercial officer at Deribit, told CoinDesk. BTC options open interest stands at $40 billion, Péquignot said, and 38% of these contracts will expire on Friday.

“Max pain price for Friday is at $102,000, with a put/call ratio of 0.73,” said Péquignot.

Bitcoin’s implied volatility, measured by Deribit DVOL, dropped to 38% from 50% in what was a wild April, signaling perhaps that the market is increasingly confident in the cryptocurrency’s macro-hedge role, according to Péquignot. Meanwhile, put-call skews show no clear directional positioning for traders in the short-term.

“Bitcoin’s $105,000 level is pivotal, with technicals suggesting caution if support fails,” Péquignot said. “Low open interest in perps and fairly depressed Bitcoin implied volatility and skew are indicative of limited expectations for sharp price movements going into Friday’s expiry.”

A number of crypto stocks are managing gains on Thursday, with Core Scientific (CORZ) surging more than 33% off of a Wall Street Journal report that the bitcoin miner may soon be acquired by AI Hyperscaler CoreWeave (CRWV).

Circle (CRCL), Coinbase (COIN), Riot Platforms (RIOT) and Hut 8 (HUT) were higher by 5%-7%, while Strategy (MSTR) was lower by nearly 1%.

Good Morning, Asia. Here’s what’s making news in the markets:

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.

As Asia begins the Thursday trading day,

is changing hands above $107K, according to CoinDesk Market data, and the CoinDesk 20, a measure of the largest digital assets, is trading just shy of 3000, up 0.7%.

Looking back at the week that was, analysts and market observers are looking at what began as a selloff on Middle East tensions, with Israel and Iran trading rocket fire, and a U.S. bombing campaign on Iran’s nuclear facilities, turned into a textbook risk-on rally, one that’s lifting crypto, tech stocks, and broader market sentiment alike.

“War drums fade, risk appetite roars,” wrote QCP Capital in its June 25 market note, capturing the sudden mood swing after days of escalating headlines. “Traders appeared to have priced in a resolution or simply stopped waiting for one. Instead of flight-to-safety, the move was risk-on in full force.”

That shift was visible across asset classes. U.S. equities surged, oil prices retraced to pre-conflict levels, and Coinbase stock jumped 12% on regulatory news.

For BTC, the rebound above $107K signals not just relief but renewed momentum, even as investors keep one eye on the macro calendar and the other on global flashpoints.

“It’s been a week of sharp swings in crypto,” said Gracie Lin, CEO of OKX Singapore. “Bitcoin dipped below $100,000 earlier in the week when Middle East tensions rattled the markets, but rebounded quickly after news of a ceasefire – now trading just below its all-time high in a sharp reversal.”

Lin points to a slew of U.S. economic data, including GDP and unemployment claims, coming later this week as the next catalyst for BTC’s movement.

“Recent PMI numbers have held steady, but continued weakness in housing is raising questions about the broader economy,” she said. “If Thursday’s GDP or unemployment claims come in weaker than expected, bitcoin could benefit as investors look for hedges against traditional market weakness.”

Add to that the quarterly expiration of bitcoin futures and options on June 27, and volatility could return in force. “Another bout of volatility is expected,” Lin said.

QCP, meanwhile, is looking beyond the week’s swings, spotlighting the structural forces driving bitcoin’s evolution into a macro asset.

From ProCap’s $386 million BTC buy to Coinbase’s regulatory win under MiCA, institutional momentum continues to build.

“If this accumulation trend persists,” QCP wrote, “bitcoin may not just rival gold as a macro hedge but potentially in total market capitalisation.”

Still, QCP adds a note of caution: “Geopolitics remains an ever-present undercurrent.”

While markets have largely shrugged off renewed Israeli strikes, concerns are mounting over NATO–Russia tensions. With Western nations boosting defense budgets and Trump set to attend the NATO summit, the next geopolitical shock may not come from the Middle East.

For now, bitcoin is riding the wave of risk-on enthusiasm. But beneath the surface, the battle between volatility and conviction, war drums and buying sprees, continues to define the market.

Korean Crypto Investors Favor Community Over Capital, Analyst Explains

For overseas crypto projects, getting listed on a Korean exchange like Upbit or Bithumb is seen as a golden ticket, an instant liquidity injection, and a validation milestone.

But that mindset might be part of the problem, Bradley Park, an analyst with Seoul-based DNTV Research, explained in a recent interview with CoinDesk.

At Korea Blockchain Week last year, Park kept hearing the same question from foreign teams:

“How do we get listed on a Korean exchange?”

Korean exchanges have deep liquidity pools, and traders in the country are known for their euphoric rallies.

“Honestly, many of them are approaching it the wrong way,” Park told CoinDesk. “Instead of starting with listing applications, maybe the better question is: How can we genuinely connect with the Korean community?”

Park’s thesis is simple: in Korea’s Web3 market, community isn’t a checkbox. It’s the core. Listings are often a result, not a goal, and the key signal for exchanges is genuine grassroots activity.

Take NEWT, for instance. In the lead-up to its token generation event, Korean degens lit up platforms like Kaito with homegrown content, discussions, and speculation.

“This grassroots excitement translated directly into momentum,” said Park. “Both Upbit and Bithumb listed NEWT on the same day. That wasn’t a coincidence. It was the result of weeks of organic community buildup.”

But Park cautions against seeing NEWT as a flawless blueprint.

“It’s not a perfect model, but it does show how even a basic level of respect toward the Korean community can translate into visible outcomes,” he said.

“That said, the subsequent price drop and fading short-term excitement left the project with another challenge: keeping the spark alive is just as difficult as igniting it in the first place.”

Another example: Edward Park, a well-known Korean influencer and early Pudgy Penguins holder, posted about NEWT in Korean, garnering over 50,000 views. While that might not seem like a lot, it’s the quality of the engagement that matters, argues Bradley Park.

He attributes the single post to catalyzing a wave of engagement with other key stakeholders in Korea’s crypto sphere because of Edward Park’s trust.

Projects that treat Korean users like exit liquidity rather than stakeholders tend to be punished.

Park points to the case of ZORA, where Korean users showed strong early participation but soured on the project after a perceived unfair airdrop.

“Interest in future Base ecosystem projects declined. They failed to go viral in Korea because users felt they weren’t valued.”

Localization matters too, especially the language. Park contrasts two projects: COOKIE, which suffered from poorly translated, low-quality content created by outsiders, and KAITO, which invested in Korean-speaking staff and dedicated native-language campaigns and subsequently pumped after its Upbit listing.

The lesson? If your go-to-market strategy starts with “get listed, dump tokens,” don’t expect Korean users to play along.

“Even if your goal is to exit through a Korean exchange,” Park said, “then at the very least, respect the Korean users, encourage their participation, and acknowledge their contributions.”

Token listings driven by the community are possible, but they’re fragile.

“A listing strategy focused purely on short-term liquidity will always have its limits,” Park said. “Without a plan to build lasting trust, even the most explosive momentum will eventually burn out.”

Because in Korea, authenticity isn’t a vibe. It’s the price of admission.

Market Movements:

• BTC: Bitcoin rose 1.46% to $107,600 as a ceasefire and $514M in institutional buying fueled a rebound from sub-$100K, with strong support at $107K and the CD20 index up 1.4%.
• ETH: Ethereum rose 1.42% to $2,425.53, rebounding from recent lows as a Middle East ceasefire and continued whale accumulation boosted market sentiment and helped defend key $2,400 support, according to CoinDesk Research’s technical analysis model.
• Gold: Gold edged up to $3,340.90 and silver to $35.79 as markets digested the Israel-Iran ceasefire and lingering global tensions, with Trade Nation’s David Morrison warning that unresolved U.S.-China trade issues still pose risks.
• Nikkei 225: Asia-Pacific markets opened mixed Thursday as investors weighed the Israel-Iran ceasefire, with Japan’s Nikkei 225 up 0.4%.
• S&P 500: U.S. stock futures were flat Wednesday with the S&P 500 near record highs, but analysts warned that geopolitics or black swan events could halt the rally.

Elsewhere in Crypto:

• Tether CEO predicts one trillion AI agents will use Bitcoin and USDT for transactions within 15 years (The Block)
• Animoca Brands’ Flagship Project Moca Network to Debut L1 for Digital Identity (CoinDesk)
• Leading Crypto Senator Sees End of Year as U.S. Legislation Target (CoinDesk)

Bitcoin has bounced back above $107,000 after a sharp weekend slump triggered by rising tensions between Israel and Iran.

According to CryptoSlate’s data, this is the first time in four days that BTC has crossed this level, showing signs of renewed investor confidence.

The downturn began after Israel launched a surprise strike on June 13, reportedly targeting Iran’s nuclear infrastructure and senior military officials. In retaliation, Iran responded with missile strikes on key Israeli cities, including Tel Aviv and Haifa.

The initial strike sent shockwaves through global markets, pushing Bitcoin down to around $103,000, a multi-week low. Over $1 billion in crypto positions were liquidated during the plunge, signaling a brief risk-off mood across digital assets.

However, investor sentiment toward digital assets appeared to have shifted by Monday morning amid the escalating tensions.

CryptoSlate’s data shows that all of the top 10 digital assets by market capitalization registered gains during the last 24 hours, with Solana leading the charge with a 9% jump to $157.

Ethereum followed with a 4% gain to more than $2,600, while Cardano also saw significant gains of over 3%.

CoinGlass data shows that around $280 million in positions were liquidated during the rebound. Notably, over half of these liquidations came from long positions, suggesting the swift turnaround caught many traders off guard.

Macro sentiments favor Bitcoin

Despite the escalating Middle East conflict, Bitcoin’s upward movement may be less about short-term relief and more about shifting macroeconomic sentiment.

Analysts at crypto research firm 10x Research suggest deeper macro themes could create a fertile ground for Bitcoin’s growth. According to the firm, factors like rising oil prices, strong bond yields, mixed labor data, and limited Fed guidance might allow the top crypto to flourish.

In addition, on-chain activity suggests a quiet rotation of capital from altcoins into Bitcoin. These reallocations and supportive macro signals could set the stage for a stronger BTC move later in the year.

Nonetheless, 10x Research stated that Bitcoin remains in a consolidation phase. According to the firm, as long as the BTC stays above the $100,437 support level, any short-term pullbacks will likely be limited.

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Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

About Author

Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis…

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Last updated: 

June 6, 2025

During the early Asian session, Bitcoin is trading around $104,800, gaining nearly 2.50% in 24 hours, despite stronger-than-expected U.S. job data tempering rate cut hopes.

The U.S. added 139,000 jobs in May, beating the forecast of 125,000, which suggests the economy remains resilient and gives the Federal Reserve less reason to ease monetary policy.

Despite that, former President Donald Trump continued his push for looser policy. Shifting focus from Elon Musk to Fed Chair Jerome Powell, Trump called for a full 1% rate cut, which he claimed would act as “rocket fuel” for the economy. The Fed, however, is unlikely to act before September.

Altcoins had mixed reactions:

• Ethereum dropped 5.5%
• Dogecoin fell 6.4%
• XRP and Solana saw milder declines

For Bitcoin, some traders warn of a “liquidity trap” with heavy long positions between $99,000 and $102,000, which could trigger a sharp pullback if bulls don’t follow through.

Metaplanet Doubles Down on Bitcoin Strategy

Japan’s Metaplanet, dubbed the nation’s “Bitcoin strategy arm”, has updated its roadmap, setting a new goal to hold 100,000 BTC by the end of 2026. That’s a dramatic leap from its original 21,000 BTC target. To fund the expansion, the firm will issue up to 555 million new shares, raising $5.4 billion, according to CEO Simon Gerovich.

Gerovich believes that rising global uncertainty is prompting investors to shift away from bonds and toward inflation-resistant assets, such as gold and Bitcoin. The company’s stretch goal? Holding 210,000 BTC by 2027, equivalent to 1% of Bitcoin’s total supply.

Such long-term commitment could significantly tighten supply and increase institutional FOMO, fueling upward pressure on BTC prices.

Bitcoin Chart Eyes Breakout; Institutions Show Up

Bitcoin’s recent bounce from $100,519 has formed higher lows and is now approaching a key descending trendline. BTC sits just above the 50-period EMA on the 2-hour chart, with the MACD showing a bullish crossover, a sign that momentum is building.

The key resistance range lies between $105,000 and $106,300, where horizontal resistance intersects with the trendline. Bitcoin price prediction may turn bullish upon a breakout above this level; the next upside target is $107,600.

Meanwhile, MicroStrategy founder Michael Saylor has also returned to the buying table. His firm is launching a $1 billion stock offering to expand its Bitcoin holdings, following an initial raise of four times its target of $250 million. With BTC near $104K, that capital could translate to nearly 9,600 BTC.

Trade Idea:

• Entry: Above $105,200
• Target: $106,750–$107,600
• Stop-Loss: $103,900
• Confirmation: Watch for bullish engulfing candles or a break of the trendline

If this level gives way, it could mark the start of Bitcoin’s next leg higher, powered not just by hype, but by institutions and nations placing large bets.

Bitcoin Hyper Presale Hits $552K—Layer 2 Just Got a Meme-Sized Upgrade

Bitcoin Hyper ($HYPER) is taking off as the first Bitcoin-native Layer 2, combining speed, scalability, and meme culture. Built to fix Bitcoin’s most significant flaws—slow transactions and high fees—it leverages the Solana Virtual Machine (SVM) to bring fast, low-cost smart contracts to the BTC ecosystem.

With over $552,000 already raised, early adopters are betting big on its blend of tech innovation and meme appeal.

Core Features That Set It Apart

What makes Bitcoin Hyper different? It’s the only Bitcoin-based Layer 2 that combines the speed of SVM with the security of BTC’s base layer. The Canonical Bridge allows seamless BTC transfers, while low-cost gas fees and high-speed execution empower dApps, meme coins, payments, and more. Audited by Consult, it’s built for speed, trust, and scale.

Staking Rewards and Utility

$HYPER isn’t just a token; it powers the ecosystem. Users can stake it for high APY rewards post-launch, use it for gas fees, and access premium decentralized applications (dApps). Plus, active holders can earn bonuses via governance and early adoption initiatives. That’s real utility in a meme-capable package.

Presale Now Live—Don’t Miss the Price Jump

The public presale is now live, with 1 $HYPER priced at $0.011775. Over 90% of the funding goal has already been raised. Early buyers lock in the price at this stage before the next tier is introduced. Buy with crypto or card, no wallet? No problem. Web3Payments is integrated for a seamless checkout e