Crypto Daybook Americas: Bitcoin Buoyed by Trump, but Analysts Eye $92K Risk
Crypto markets experienced a brief reprieve following President Trump’s announcement delaying a potential US military intervention in the Israel-Iran conflict. Bitcoin (BTC) stabilized around $106,000, showing slight gains, mirroring positive movement in the broader CoinDesk 20 index. Traditional markets also reacted positively, with oil prices retreating after a recent rally and European stock indexes rising. However, despite the temporary calm, analysts highlight diverging risks.
Glassnode points to subdued on-chain activity, suggesting a market maturing under institutional influence. Conversely, CryptoQuant warns of a potential Bitcoin drop to $92,000 or lower if demand doesn’t recover, citing declining ETF flows, slowed whale buying, and significant short-term holder sell-offs.
Upcoming events include the activation of SegWit on BlackCoin’s mainnet (June 20), the ZIGChain mainnet launch (June 25), and the introduction of CME Group’s spot-quoted futures (June 30, pending regulatory approval). Several DAOs are holding governance votes, including Compound, Arbitrum, ApeCoin, and Polkadot. Significant token unlocks are scheduled for Optimism (June 30), Sui (July 1), and Ethena (July 2). Coinbase will delist several tokens on June 26.
Jupiter DEX is pausing all DAO votes until the end of 2025 to restructure its governance model, citing issues of mistrust. Derivatives markets show stable, yet subdued open interest, with Binance regaining some ground. BCH experienced a notable OI increase. Options positioning remains concentrated around out-of-the-money strikes, and funding rates are generally positive for BTC and ETH, contrasting with negative prints for BNB. Coinglass data indicates $131.89 million in 24-hour liquidations, heavily skewed towards shorts.
Bitcoin’s technical analysis suggests a potential shift in short-term momentum after reclaiming its monthly open and retesting the 50-day EMA. However, the price remains capped by the 20-day EMA. Crypto equities showed mixed performance, with significant gains for some companies like Coinbase and Circle, while others experienced more modest changes. Spot BTC and ETH ETF flows remained stagnant. Bitcoin dominance reached 65%.
