Bitcoin Price Analysis: BTC Dips As Macroeconomic Factors, Geopolitical Tensions Wipe Out Nearly $240B
Bitcoin (BTC) plunged into the red on Friday as market sentiment worsened as the Middle East crisis escalated. Investors are worried about the US getting involved in the conflict after President Trump warned Iran about not signing a deal.
The flagship cryptocurrency plunged from an intraday high of $106,513 on Friday as markets turned bearish. It fell to a low of $102,446 before settling at $103,388, ultimately registering a drop of 1.19%. BTC is down nearly 2% over the past 24 hours, trading around $103,495.
Semler Scientific Discloses Ambitious Bitcoin Strategy
Healthcare technology firm Semler Scientific has announced an ambitious Bitcoin accumulation plan to expand its Bitcoin holdings aggressively. The company also announced the appointment of Joe Burnett as the Director of Bitcoin Strategy. Semler Scientific plans to increase its Bitcoin holdings to 10,000 BTC by the end of 2025, 42,000 BTC by the end of 2026, and 105,000 by the end of 2027. It plans to use proceeds from equity and debt financing and cash flows from operations to fund the purchases.
“Semler Scientific also announced that it plans to hold 10,000 bitcoins by year-end 2025, 42,000 by year-end 2026, and 105,000 by year-end 2027, using proceeds from equity and debt financings and cash flows from operations.”
Burnett stated that Semler Scientific is committed to expanding its Bitcoin reserves in a way that could benefit shareholders who believe Bitcoin is the ultimate long-term asset. Semler Scientific was optimistic about Burnett’s appointment as its Director of Bitcoin Strategy, stating,
“We are excited to have Joe join our Bitcoin strategy team and help drive our three-year plan to own 105,000 bitcoins. Joe is an analytical thought leader on Bitcoin and Bitcoin treasury companies. His expertise will be instrumental as we pursue our bitcoin treasury strategy and aim to deliver long-term value to our stockholders.”
Worries About A Post-Trump Bitcoin
Eric Semler, the chairman of healthcare firm Semler Scientific Inc., has revealed that many hedge fund executives are skeptical and worried about Bitcoin’s prospects once President Trump leaves office. Semler stated in an interview with Natalie Brunell,
“I think that they think it is a fly-by-night concept and that it is probably going to, after the Trump administration, go back down a lot.”
Semler, also the founder of TCS Capital Management, made the comments amid growing skepticism within the crypto industry about how long the support for crypto will last once President Trump exits office. Some prominent figures, like Jan3 founder Samson Mow, are concerned that support for crypto could vanish under a future president. However, Semler has doubled down on Bitcoin, with Semler Scientific becoming the second publicly traded company in the US to adopt a Bitcoin treasury strategy. The company has announced an aggressive Bitcoin acquisition plan to take its holdings to 105,000 BTC.
“When you’re making a bet on something that the majority doesn’t believe in, and you’re right, you make so much more money. I think we got great opportunities to show people that basically they’re missing out on a great opportunity.”
Hedge Funds Turning To Bitcoin
A survey by the Alternative Investment Management Association and PwC in October 2024 revealed that 47% of hedge fund managers are exposed to crypto. This is up from 29% in 2023. Meanwhile, 37% of the respondents said they had no exposure to crypto in 2022. In 2021, Intertrust surveyed chief financial officers from 100 hedge funds about plans to purchase crypto assets, including Bitcoin. 98% of them responded that they expect hedge funds to invest at least 7% of their assets in crypto by 2026.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) registered an alarming slump on Friday as market sentiment worsened thanks to escalating geopolitical tensions. As a result, the flagship cryptocurrency dropped from an intraday high of $106,513 to $102,446 before reclaiming $103,000 and settling at $103,388. Markets have been under tremendous pressure thanks to macroeconomic factors and geopolitical uncertainty. This led to the crypto market falling nearly 1.50% on June 21, wiping out $240 billion in value.
One of the biggest triggers for BTC and the crypto market’s decline is the escalating conflict between Israel and Iran. Investors and market watchers are worried about the US getting involved in the conflict after President Trump adopted a hardline stance and issued a veiled threat to Iran’s supreme leader. Trump has also warned Iran over not signing a deal when it had the opportunity. Bitcoin whales are also selling their holdings as they lock their profits, putting more pressure on the price. According to data from Glassnode, wallets that held BTC for 6-12 months sold over $900 million of the asset in recent weeks as they began cashing out. Long-term Bitcoin holders took home $1.2 billion in profits in early June.
Liquidations have also put pressure on the price, as many traders using leverage were wiped out thanks to BTC’s recent price action. Over the past 24 hours, over $500 million in crypto positions were liquidated, affecting over 134,000 traders.
BTC started the previous week in positive territory, surging over 4% to cross the 20-day SMA and $110,000 to settle at $110,247. The price fell to an intraday low of $108,325 on Tuesday before recovering to reclaim $110,000 and settle at $110,258. BTC lost momentum on Wednesday, falling 1.43% to $108,686. Bearish sentiment intensified on Thursday as the price plunged nearly 3%, slipping below the 20-day SMA and settling at $105,826. BTC fell to an intraday low of $102,854 on Friday as selling pressure persisted. However, it recovered from this level to register a marginal increase, reclaim $106,000, and settle at $106,106.
Source: TradingView
Sellers regained control on Saturday as BTC fell 0.59% to $105,482 before registering a marginal increase on Sunday and settling at $105,561. BTC started the week on a bullish note, surging to an intraday high of $108,939 before settling at $106,808, ultimately registering an increase of $106,808. Price action turned negative on Tuesday as BTC fell over 2%, slipping below the 20-day SMA and $105,000 to $104,519. The flagship cryptocurrency faced volatility on Wednesday but registered a marginal increase and moved to $104,884. It was back in the red on Thursday, dropping 0.24% to $104,631. BTC raced to an intraday high of $106,513 but lost momentum after reaching this level, eventually falling below the 20-day SMA and settling at $103,388. The current session sees the price marginally up, trading around $103,781. Buyers will look to maintain control and push BTC beyond $105,000.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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