Month: June 2025

Bitcoin fell 11% from its $111K all-time highs as traders say BTC price could drop to $97K if key support levels don’t hold amid rising trade tensions.

The emergence of a bear flag on the four-hour chart projects a Bitcoin price drop to $97,000.

Traders say BTC price may drop as low as $85,000 if key support levels are broken, including the $100,000 psychological level and the yearly opening at around $92,000.

Bitcoin’s
BTC
$107,671
price is forming a classic bearish pattern on lower time frames, triggering fears that a breakdown could lead to a drop toward $97,000.

Breakout points to $97K target
Bitcoin’s price action has formed a textbook bear flag pattern on the four-hour chart, a bearish continuation setup formed when the price consolidates upward in a parallel channel after a sharp downward move.

In Bitcoin’s case, the flag began forming after BTC bottomed at nearly $103,100 on May 31. The consolidation persisted over the weekend, with the price continuously retesting the support line of the flag.

The bearish continuation will be confirmed once the price breaks below the lower boundary of the flag at $104,800. The pattern’s projected downside target is now sitting near $97,690, measured after adding the height of the initial flagpole to the breakout point.

Momentum indicators, including the relative strength index (RSI), are also supportive, with the RSI currently at 44, suggesting that the market conditions still favour the downside.

Watch these Bitcoin price levels in June — Traders
Data from Cointelegraph Markets Pro and TradingView shows that the BTC/USD pair has dropped 6.3% from its all-time highs above $111,000.

While BTC price closed 11% higher in May, traders are questioning which direction the price might take moving forward.

The month of June has historically produced mixed results with an average of 0.3% losses.

For crypto analyst Daan Crypto Trades, the mid-range at $99,600 and the previous all-time high at $108,000 are crucial levels to watch during the first week of June.

“I think there’s a good chance that the first week is likely a move that can be faded upon seeing the first signs of local reversals” at either of these points, the trader said in a June 1 post on X.

An accompanying chart showed that a break above $108,000 would see the BTC/USD pair rise toward its $111,900 all-time high, where it would likely meet strong resistance, occasioning a drop back into the range.

Similarly, a break below $99,600 would see the pair drop lower before finding solace from the 200-day simple moving average at $97,600.

“No strong bias toward either direction here, so will just remain nimble and play with what I get.”

“BTC looks like it has started a larger correction, which is likely to take it into the 2nd week of June,” said fellow analyst AlphaBTC in a June 2 post on X.

According to the analyst, a breakdown of the bear flag in the four-hour timeframe could see Bitcoin’s price drop toward the $102,000 demand zone. Losing this support would bring the yearly open above $92,000 into the picture.

“The question will be what happens at around 92K?” AlphaBTC asked, adding that if it provides a buying opportunity, BTC could rebound from here to initiate a sustained recovery into price discovery.

Conversely, if tariff tensions continue, BTC may drop further toward $85,000, as shown in the chart below.

 

Lee Jae-myung has plans to enable the state pension fund to invest in crypto, approve Bitcoin ETFs, and launch a Korean won-backed stablecoin.

South Korea’s opposition leader Lee Jae-myung has been sworn in as president following a decisive snap election victory, after campaigning on a platform that included a range of pro-crypto policies.

Lee claimed victory in the June 3 election held six months after the country’s previous leader, Yoon Suk-yeol, declared martial law and threw the nation into political chaos.

With 99% of the votes counted on June 4, the center-left Democratic Party’s Lee fetched over 49% of votes against the 41% won by rival conservative People Power Party candidate Kim Moon-soo, according to National Election Commission data.

Reuters reported that almost 80% of South Korea’s 44.4 million eligible voters cast their ballots in the highest turnout for a presidential election since 1997.

Satoshi Action Fund founder Dennis Porter, who was in South Korea on election day, said the turnout figure was “wild,” while noting that Lee has committed to allowing South Korea’s $884 billion national pension fund to invest in Bitcoin
BTC
$105,699
and crypto and has also promised to allow the launch Bitcoin exchange-traded funds (ETFs).

Lee also has ambitions to launch a Korean Won-backed stablecoin to modernize the country’s financial system and stem capital outflows.

“We need to establish a won-backed stablecoin market to prevent national wealth from leaking overseas,” he said during a policy discussion in May.

Kim also ran a campaign that supported the launch of spot crypto ETFs and pledged to ease regulations and expand crypto adoption.

Bitcoin prices spiked to 149,000 won ($108,480) on the country’s leading exchanges, Bithumb and Upbit, as the so-called kimchi premium saw the asset trade almost 2% higher compared to global exchanges, where it topped around $106,600 before retreating slightly.

Lee to also tackle raft of policy decisions
Lee is taking office as South Korea faces significant challenges, including economic struggles with rising living costs, ongoing trade negotiations with the US and regional geopolitical tensions.

It’s not clear how high he will prioritize his crypto-related promises, but in addressing crowds of supporters in the country’s capital of Seoul, Lee promised to “work to restore the economy” from day one and to ensure military coups are a thing of the past.

Lee has promised to focus on economic recovery through increased investment in artificial intelligence and defense, to depoliticize the prosecution system, and to introduce social changes, including a four-and-a-half-day work week.

The Justice Department has filed a civil forfeiture complaint to seize crypto and NFTs allegedly tied to laundering efforts by North Korea.

The US Department of Justice has moved to seize $7.74 million in crypto allegedly earned by North Korean IT workers using fake identities and working at blockchain firms as remote contractors.

The funds were initially frozen in April 2023 as part of an indictment against Sim Hyon Sop, a China-based banker allegedly helping North Korean IT workers launder money, the DOJ said in a June 5 statement.

The Justice Department is looking to seize multiple cryptocurrencies, including stablecoins and Bitcoin
BTC
$104,811
in varying amounts, along with non-fungible tokens and Ethereum Name Service domains that are held in multiple self-custody wallets and Binance accounts, according to its civil forfeiture complaint filed June 5 in a Washington, DC federal court.

Matthew Galeotti, head of the Justice Department’s criminal division, said the case highlights how the North Korean government is trying to exploit the “cryptocurrency ecosystem to fund its illicit priorities.”

“The Department will use every legal tool at its disposal to safeguard the cryptocurrency ecosystem and deny North Korea its ill-gotten gains in violation of US sanctions,” he said.

The DOJ claimed that the North Korean IT workers who earned the crypto were active in multiple countries and used phony identification documents and other obfuscation strategies to gain employment.

IT workers allegedly launder ill-gotten gains
After being paid, often in stablecoins such as USDC
USDC
$0.9993
and Tether
USDT
$1.00
, the IT workers allegedly used laundering techniques, including chain hopping and token swaps to NFTs, to obscure the funds’ origins.

The Justice Department alleged the funds were supposed to be sent back to the North Korean government via Sim and Kim Sang Man, another North Korean sanctioned by the OFAC for money laundering offenses.

In recent years, North Korea has been ramping up its efforts to infiltrate the crypto industry and raise funds to send back to the hermit kingdom.

Google’s Threat Intelligence Group released an April report detailing North Korea expanding its infiltration operations to blockchain firms outside the US after increased scrutiny from authorities, with a notable focus on Europe.