Bitcoin Price Holds at $101K as Polymarket Sees 42% Odds of $95K Dip

Highlights:

• The price of Bitcoin drops 0.75%, as trading volume rises 33% amid Metaplanet’s $118M BTC acquisition.
• Bitcoin exhibits bearish signs with a double top pattern and resistance at $105,000.
• The coinglass liquidation map indicates bullish sentiment, as the $95K support level holds, signaling potential upward movement.

Bitcoin price has kicked off the week, with a drop of 0.75% to $101K, despite the daily trading volume soaring 33% in the past 24 hours. Meanwhile, it has rebounded from the weekend lows of around $ 99,000, as the bulls attempt to regain strength. The recent rise follows the announcement by Metaplanet of purchasing 1,111 Bitcoin (BTC) at a price of around $ 106,408 per Bitcoin. This translates to approximately $118.2 million. As of 23 June 2025, Metaplanet now holds 11,111 BTC, equivalent to approximately $1.07 billion in estimated value, with an average purchase price of $95,869 per Bitcoin. 

Metaplanet has acquired 1,111 BTC for ~$118.2 million at ~$106,408 per bitcoin and has achieved BTC Yield of 306.7% YTD 2025. As of 6/23/2025, we hold 11,111 $BTC acquired for ~$1.07 billion at ~$95,869 per bitcoin. $MTPLF pic.twitter.com/1vUdTc0Mti

— Simon Gerovich (@gerovich) June 23, 2025

Bitcoin Price Risks a Potential Drop as it Forms Double Top Pattern

Based on the daily chart outlook, Bitcoin price is showing some bearish prospects, as it has dropped below the key support zone. By June 23, Bitcoin was priced at $101,954, having hit a daily high of $ 102,000. Meanwhile, the bulls have established a strong support around the $95,972 mark, aligning with the 200-day MA. However, the $105,013 is acting as immediate resistance, cushioning against further upside. 

The Relative Strength Index (RSI) on a daily chart is at 41.7, indicating that the bears are showing strength. If the bulls won’t gain stamina, a further drop towards the undervalued region could be plausible. Meanwhile, the double top pattern indicates a potential bearish move in the market if the bulls don’t hold above the $105K mark. According to Polymarket, 42% of users are betting that the Bitcoin price will reach $95,000 or below by the end of June.

Polymarket users predict a 42% chance Bitcoin will hit $95,000 and below this month.

Market is extremely volatile especially after the US strikes.

What do you think will happen next? pic.twitter.com/j9YrGviCIK

— Brian Rose, Founder & Host of London Real (@LondonRealTV) June 23, 2025

The forecasts indicate a sense of instability, particularly influenced by geopolitical developments, such as the recent attack by the US. The views on a possible dip have not changed, and Bitcoin remains in an intense bearish sentiment, implying a minor decline in the short term.

On-Chain Metrics Signals a Glimpse of Hope

However, the Coinglass Liquidation Map shows that there is more cumulative long liquidation leverage ($2.72 billion) compared to shorts ($2.20 billion) in the last 24 hours. This imbalance suggests that some bullish sentiment is slowly building in the Bitcoin market, which may cause a surge in the price of Bitcoin. 

A closer look at the liquidation map also reveals that the $97,000 to $103,000 zone is a key consolidation level for BTC. This suggests that, despite a bearish outlook from the chart and technical indicators, the Bitcoin price may survive and remain above the $101K key support level. 

In the meantime, the Bitcoin price is attempting to find direction, as geopolitical tensions escalate following the US’s attack on Iran. However, if the support at $95K holds, a potential climb towards the $105K mark could be imminent. A close above $ 105,000 would open the door towards the $ 107,000 and $ 109,000 mark.

On the other hand, if the bearish sentiment intensifies, reinforced by the declining RSI, the Bitcoin price could decline. Moreover, if the $105K resistance proves too strong, the BTC price could slip to $99K, $98K, and $96K. A breach below the $95K support area will invalidate the bullish grip.