{"content":"$BTC As of Friday, June 6, 2025, at 8:58 PM SGT, Bitcoin (BTC) is experiencing a period of consolidation and bearish pressure. Here's a breakdown of its current status and analysis: Current Price & Market Overview: * Price: Around $103,634 USD (approx. 133,886 SGD). * 24-hour Change: Down approximately 2.78% to 3.02%. * Market Cap: Approximately $2.02 - $2.06 Trillion USD. * 24-hour Trading Volume: Approximately $55.70 Billion USD. * All-time High: $112,000 USD. Key Trends & Analysis: * Bearish Pressure: Bitcoin has been declining after peaking near $112,000 and is facing bearish pressure at a descending trendline. Analysts warn of a possible drop below $100,000. * Consolidation: BTC is currently consolidating above the $101,000 level, indicating a critical juncture. * Profit-Taking by Long-Term Holders (LTHs): On-chain data suggests that long-term holders are increasingly taking profits, leading to a decrease in average holding time. * Institutional Shift: Institutional Bitcoin ETF holdings have seen a historic quarterly drop, primarily due to price decline rather than significant selling. However, financial advisors have still been buying, showing some expert confidence. * Technical Breakdown: Bitcoin has broken below the lower trendline of a previous ascending channel, increasing the risk of further declines to support levels around $98,604 and potentially $94,203. * Hash Ribbons Indicator: This indicator suggests a potential buying opportunity as miners are selling under stress, which often precedes a hashrate recovery and potential gains for investors. * "Whale" Activity: Large Bitcoin holders ("whales") have increased their coin inflows significantly, which could tighten supply on exchanges. Potential Scenarios: * Downside Risk: If the current bearish momentum continues, BTC could test support levels at $98,000 and $94,203. * Potential Rebound: A rebound could occur if demand for BTC increases and profit-taking slows, potentially pushing the price back towards $112,072.","images":[],"tags":[],"tradingPairs":["BTC/USDT"],"quotearticleid":0}