Bitcoin Holds Firm Above $100K: Eyes on $106K Liquidity Cluster

Introduction

Bitcoin faced a sharp 4% drop to $103,400 on June 17, 2025, amid heightened geopolitical tensions between Iran and Israel, yet traders remain optimistic about its resilience. With a significant liquidity cluster forming around $106,000, analysts suggest a dip below the psychological $100,000 mark is increasingly unlikely. This article explores Bitcoin’s recent price action, key support and resistance levels, and the factors shaping its near-term trajectory.

Bitcoin Weathers Geopolitical Storm

Bitcoin’s price slid to $103,400 during late New York trading hours on June 17, triggered by U.S. President Donald Trump’s comments escalating fears of an Iran-Israel conflict. Despite this, the flagship cryptocurrency rebounded to $104,400, with traders noting strong bid support at $103,000. The Binance BTC/USDT liquidation heatmap reveals a concentrated liquidity cluster at $103,221, acting as a safety net against further declines. This resilience underscores Bitcoin’s ability to absorb selling pressure amid global uncertainties.

Liquidity at $106K Fuels Bullish Sentiment

Traders are eyeing a potential upside move, with ask orders clustering above $106,000, suggesting a liquidity grab could push Bitcoin higher. MN Capital founder Michaël van de Poppe noted that after rejection at $106,000, Bitcoin may test liquidity between $100,000 and $103,000 but is likely to hold above the psychological $100,000 level, a key support zone. Posts on X reflect similar optimism, with users like @Cointelegraph citing Bitfinex analysts’ predictions of a $115,000 target by early July, driven by institutional interest and ETF inflows. The $100,000 mark remains a critical psychological boundary, with Glassnode’s MVRV bands indicating it could sustain as support.

Macro and Technical Factors in Play

Bitcoin’s price action is influenced by both macroeconomic and technical dynamics. Bitfinex analysts suggest that holding above $102,000–$103,000 for a sustained period signals effective absorption of selling pressure, creating a high-risk, high-reward opportunity for upside continuation. However, concerns about liquidity spoofing—where large traders manipulate order books—persist, potentially exacerbating volatility. The market also faces pressure from $1.2 billion in leveraged liquidations and weakening trading volumes, reflecting cautious investor sentiment. On-chain data, including a 14% drop in exchange balances to 2.5 million BTC in 2025, points to long-term holding and reduced liquid supply, supporting a bullish long-term outlook.

Potential Risks and Resistance Ahead

Despite the bullish case, risks loom. A failure to break $106,000–$107,000 could lead to a retest of $100,000, especially if geopolitical tensions escalate or macro tightening, such as interest rate hikes, triggers profit-taking. Traders warn of a possible “rug pull” at $104,000 due to order book spoofing, which could compound downward pressure. On the upside, reclaiming $110,000 is critical for a bullish continuation, with liquidity clusters at $112,500–$113,500 posing resistance. Tools like CoinGlass’s liquidation maps highlight high-risk zones, urging traders to stay vigilant.

Conclusion

Bitcoin’s ability to hold above $100,000 amid geopolitical shocks and market volatility reinforces its growing maturity as an asset class. With liquidity clustering around $106,000 and strong institutional backing via ETF inflows, the odds of a sustained drop below $100,000 appear slim. However, traders must navigate resistance levels and potential manipulation tactics in a high-stakes environment. As Bitcoin consolidates around $105,000, its next move—whether a rally to $115,000 or a dip to key support—will hinge on liquidity dynamics and global sentiment, setting the stage for a pivotal moment in its 2025 bull run.