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Bitcoin drops below $104K as ETF outflows trigger decline fears
- Bitcoin falls below $104K on June 2, following heavy ETF outflows and technical uncertainty.
- Whales and institutional sellers contribute to the market shift and increased selling pressure on Bitcoin.
- US spot Bitcoin ETFs experience a massive $616.22 million outflow, ending a six-week streak of inflows.
- BlackRock's IBIT sees the largest exit with $430.82 million withdrawn, despite managing over $69 billion in assets.
- Bitcoin's price pullback from $109,000 to $103,833 breaches key Fibonacci levels, signaling bearish technical patterns.
- BTC faces resistance near $106K–$107K, with significant challenges for bulls to regain upward momentum.
- High-leverage trader James Wynn's $100 million BTC long at 40X leverage triggers concerns about exaggerated leverage and market speculation.
- On-chain metrics show diverging behavior between whales and retail traders, with concerns over retail participants buying at the top.
- Bitcoin's RSI signals turn bearish amidst broader macroeconomic uncertainties and market corrections.
- Traders anticipate a potential bounce from the $100K support to $113K, but the risk of a deeper correction looms over the market sentiment.
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