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Bitcoin (BTC) soared 1.04% yesterday following the release of the US CPI data, which came in at 2.4%, lower than the 2.5% forecast. However, BTC price closed the day with a 1.57% loss due to the mounting bearish pressures. As of June 12, the leading crypto by market cap is down 1.05% and trades at $107,533. The Dragonfly Doji, coupled with weakening buying pressure and diminishing spot ETF inflows, hints at a steep correction to the CME Gap between $92,730 and $91,980.
Headwinds Multiply, Hint BTC Price Correction
The higher high and higher low market structure that defined BTC’s bull run since April 2025 has been breached, and signs of a reversal are appearing. Here are some key signals to watch:
- Stiff selling pressure around the $110,000 hurdle caused BTC price to produce a Dragonfly Doji candelstick pattern on the daily timeframe. This is a bearish reversal signal.
- In addition to the Doji, Bitcoin has crashed 2.81% since the June 11 swing high of $110,435 to $107,336. This drop solidifies that BTC price has produced a lower high relative to the all-time high (ATH) at $112,000.
Overall, this lower high production suggests that the bullish market structure is weakening, and sellers are gaining control. To confirm a bearish trend, BTC price needs to produce a daily candlestick close below the $100,000 psychological level.
Moreover, the relatively optimistic US CPI print on Wednesday also failed to revive the uptrend, which hints that the sellers are in control.
CME Gap: What is it and What Does it Mean for Traders?
The CME-listed Bitcoin futures trade only on weekdays, whereas the native crypto exchanges offer trading seven days a week. As a result of this, the CME-listed BTC chart creates a gap. When price reenters these gaps, they are considered filled. The $92,730 and $91,980 CME gap is different as it was created between April 22 and 23, due to BTC price’s impulsive move.
Traders often employ trend reversal or mean reversal plays with the expectation of a gap fill. Hence, these gaps would be a good place to buy BTC at a discount.
CME BTC1! FUTURES 1-Day Chart
Bitcoin Price Analysis: What’s Next?
The daily chart shows BTC price producing a lower high around $110,000. If Bitcoin fails to produce a higher low around $104,000 to $105,000 in addition to the lower high, it would signal that a Bitcoin crash to $100,000 is likely.
A breakdown of $100,000 due to the lack of buying pressure could trigger a swift nosedive to $93,024, which is the midpoint of the 2025 bull run. The second key level to watch is the CME gap, extending from $92,730 and $91,980. An ideal buy zone would be the 61.8% Fibonacci level between $90,000 and $88,000.
This move to $88,000 would mean a 14% drop for Bitcoin. However, seasoned trader Peter Brandt predicted a 75% crash for Bitcoin price due to its 2022 fractal.
The key levels based on the above BTC price analysis include:
- Short-term support, extending from $104,000 to $105,000.
- The $100,000 psychological support level.
- CME gaps, extending from $92,730 and $91,980.
- The Golden pocket, between 61.8% and 65% Fibonacci levels, around $90,000 to $88,000.
Interestingly, the CoinGlass heatmap model also highlights liquidity clusters at the aforementioned levels, further confirming the importance of these key supports.
Bitcoin Heatmap Levels
Invalidation Thesis
While the bearish thesis is derived from multiple technical signals such as a shift in market structure favoring bears, Dragonfly Doji formation on the daily, there is a good chance BTC price might find support around $104,00 to $105,000. A bounce here would produce a higher low relative to the June 5 swing low at $100,377. In such a case, the resulting uptrend could sweep the ATH around $112,000 and attempt to set a new ATH around $113,000 or higher. For a long-term outlook, refer to Bitcoin price prediction 2025.
Frequently Asked Questions (FAQs)
The drop is attributed to stiff selling pressure around the $110,000 hurdle and weakening buying pressure.
Bitcoin’s current price is $107,533.
Key support levels include $104,000 to $105,000, $100,000, and the CME gap between $92,730 and $91,980.
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Akash Girimath
Senior Cryptocurrency Analyst & Market Strategist
Engineer-turned-analyst Akash Girimath delivers data-driven insights on cryptocurrency markets, DeFi, and blockchain technology for platforms like AMBCrypto and FXStreet. Specializing in technical analysis, on-chain analytics, and risk management, he empowers institutional investors and retail traders to navigate market volatility and regulatory shifts.
A hands-on strategist, Akash merges active crypto portfolio management with research on Web3, NFTs, and tokenomics. At AMBCrypto, he led cross-functional teams to redesign content frameworks, achieving record-breaking traffic growth through scalable editorial strategies. His analyses dissect market sentiment, investment strategies, and price predictions, blending macroeconomic trends with real-world trading expertise.
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