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The Bitcoin price dropped over 1% in the last 24 hours to trade at $103,248 as of 9:23 p.m. EST on trading volume that surged 92% to $33.4 billion.
The BTC price is being dragged back by rising tensions in the Middle East as Israel continues to bombard Iran and US President Donald Trump weighs whether to join the battle.
The crisis in the Middle East continues to impact the cryptocurrency market, with its market capitalization slumping by over 4% to $3.4 trillion in the last 24 hours, according to CoinGecko data.
Can the Bitcoin price bounce back?
Bitcoin Price Remains Bullish Despite Rocky Fundamentals
The BTC price has been in a continued rally from mid-April, bouncing from the $74,738 level within the 100% Fibonacci level. However, after hitting an all-time high (ATH) of $112,006, the Bitcoin price went on to consolidate above the $101,300 support zone, as bulls find enough fundamentals to push the asset above.
Recently, the price of BTC invalidated what appeared to be a rounded bottom pattern, dropping back through a falling channel to the recent price.
BTC price outlook remains bullish, as it trades well above the 200-day Simple Moving Average (SMA). The 50-day SMA on the 1-day timeframe acts as the next resistance zone at $104,777.
Meanwhile, the 50-day SMA has crossed above the 200-day SMA, creating a golden cross around $92,333 on the 50% Fibonacci level.
The Relative Strength Index (RSI) indicates a potential recovery from the 40 zone, signaling that the bulls may be regaining control of the price.
If BTC recovers from the current drop, the bulls may push the price over the upper boundary of the falling channel back to its ATH at $112,006. Further upward potential could propel the price of Bitcoin to a new ATH at $124,000.
BTC/USD Chart Analysis (Tradingview)
Escalating conflict in the Middle East and uncertainty may trigger a risk-off sentiment in global markets, leading investors to pull out of the cryptocurrency market, which could affect the price of BTC.
If Bitcoin bows to the bearish pressure, the price may drop even further to the 38.20% Fibonacci level at $97,598.
Meanwhile, investors are piling into a new Bitcoin-themed meme coin called BTC Bull Token (BTCBULL), which will give token holders free BTC.
Jacob Crypto Bury, a prominent YouTuber with over 56.8k subscribers, says BTCBULL has the potential to soar 10X after launch.
BTC Bull Token Presale Amasses Over $7.2 Million – 9 Days Left To Buy
The BTC Bull token is a new meme coin built around the strength and popularity of Bitcoin. Unlike most meme coins, it offers real rewards to investors.
Every time the price of Bitcoin hits a new milestone, the BTCBULL project will reward holders with BTC airdrops.
The first target to trigger a BTC airdrop is $150k, followed by additional ones for every $50,000 increase in the price after that.
A huge BTCBULL Token airdrop also awaits the strongest hodlers when BTC hits $250,000, weighted by the participant’s Community Sale purchase amount.
Beyond the Bitcoin rewards, the project also incorporates token burns that kick in when BTC reaches $125,000, and repeat for every $50k increase in the Bitcoin price after that.
By reducing supply, the burns put upward pressure on the BTCBULL price.
Last chance to buy BTCBULL before launch! 🐂🧨
The countdown ends on June 30th. ⌛
Here’s what’s coming:
🔥 BTCBULL token burns
🪂 BTC airdrops at price milestones
🎁 BTCBULL airdrop when Bitcoin hits $250KJoin the herd: https://t.co/FQZXEzFwWu pic.twitter.com/aeUmLJcSOC
— BTCBULL_TOKEN (@BTCBULL_TOKEN) June 2, 2025
$BTCBULL holders also have an opportunity to earn passively through the project’s staking platform, which offers a massive 56% annual percentage yield (APY).
Investors interested in participating in the presale can visit the official BTC Bull website to buy BTCBULL tokens for $0.002575 each using BNB, ETH, USDT, or a bank card.
If you would like to join investors who have already pumped more than $7.27 million into BTCBULL, you have just 9 days left.
Check out BTC BULL Token here.
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