The crypto market is feeling the pressure again today. Bitcoin, Ethereum, and other major coins are still trying to bounce back after a rough weekend, but so far, no real recovery. Right now, the total crypto market cap is sitting around $3.12 trillion, down 1.03% over the past day.
Interestingly, volume is up by 25%, which might sound like a good sign, but it’s mostly due to panic selling and forced liquidations.
Just yesterday, we reported that the U.S. bombed Iranian nuclear sites, and that news triggered a big sell-off across the market. Bitcoin dropped below $99,000, has bounced back to $101,000, and Ethereum fell toward $2,100.
Now, there’s more bad news. BeInCrypto reported that Iran is trying to close the Strait of Hormuz, one of the world’s most important oil routes. That’s added even more fear to the market, with nearly $950 million in liquidations hitting crypto exchanges.
🚨 BREAKING: #Bitcoin falls below $100K as Iran moves to close the Strait of Hormuz, a key oil route.
— BeInCrypto (@beincrypto) June 22, 2025
📉 $950M in crypto liquidations. Inflation fears rise.
🇮🇷 Energy geopolitics shape crypto’s short-term fate.
🧠 Analysis by @AnolShaeedhttps://t.co/Xfpd2C4moQ
Additionally, top analyst CryptoPatel posted on X that over 181,000 traders were wiped out in 24 hours, totaling $693 million in losses. The biggest single loss? A $35.45 million BTC long position on HTX. With that kind of action, it’s no surprise that traders are getting more cautious. Bitcoin price is back above $101K now, but it hasn’t been able to reclaim $102K with confidence.
$693 million lost in one day — is this just the start?#Bitcoin broke below $99K, hitting $98.2K.#Ethereum dumped to $2,111 — lowest in weeks.
— Crypto Patel (@CryptoPatel) June 23, 2025
In 24H:
✅ 181K+ traders liquidated
✅ $693M wiped out
✅ Biggest hit: $35.45M $BTC long on HTX
And it’s just starting.
This week is… pic.twitter.com/inNr7ILj9b
So, what’s next? Let’s take a look at what the charts are showing.
What you'll learn 👉
Bitcoin Price Showing Signs of Corrective Bottoming
Veteran trader Matthew Dixon believes that the recent move is part of a WXY correction or triangle structure, not a full-blown downtrend. His latest chart shows BTC price bottoming near the $97,188 Fibonacci level, with potential to move higher toward $106K–$110K if resistance at $103.9K breaks.
The RSI is showing early signs of bullish divergence, and Fibonacci levels between $102K–$106K are now key zones for a possible breakout. Dixon warns that geopolitical headlines should not distract from what he sees as a bullish setup forming under the surface.
Crypto Market Cap Bounces but Still in Downtrend
The Crypto Total Market Cap also remains in a downtrend. It fell from over $3.25 trillion to a local low just under $2.95T before rebounding slightly. However, the recovery has stalled under the descending trendline, now sitting between $3.30T–$3.35T.
The current price near $3.12T is holding for now, but unless the market breaks above $3.15T, any rally may fade quickly. Support remains at $3.00T and $2.95T. If those levels fail, a deeper move toward $2.85T is possible.
Ethereum (ETH) Price Finds Support but Struggles to Break Trendline
Ethereum bounced from its key demand zone of $2,120–$2,180 and is now trading around $2,245. The price action suggests buyers entering, but ETH price is still far from the down trendline resistance level of $2,400–$2,450.
The downtrend remains dominant. A push above $2,300 would be the first sign of a shift in momentum. Until then, traders remain cautious, especially with ETH’s inability to hold above short-term support.
Read Also: Here’s When $10K in XRP Could Turn Into $1 Million
Furthermore, the Crypto Fear & Greed Index has dropped into the “fear” zone. While some see this as a contrarian buying signal, it reflects a broader risk-off tone. Short-term sentiment continues to be neutral to bearish as investors wait and see what Bitcoin will do next.
The CMC #Crypto Fear & Greed index is showing Fear today which is a 'Contrarian' indicator showing potential for a Bullish reversal for #BTC & #Crypto pic.twitter.com/cxtQbwni06
— Matthew Dixon – Veteran Financial Trader (@mdtrade) June 23, 2025
For now, the $102K–$106K range is the key battleground. A resistance break may shift sentiment, but a break below $99K would likely trigger another liquidation wave. Until then, the crypto markets are on tenterhooks.
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