The ongoing conflict in the Middle East has had a significant impact on the cryptocurrency market, particularly on the price of Bitcoin (BTC). In the last 24 hours, BTC price dropped by over 3 percent, trading at around $105k on Friday, June 13, 2025, during the mid-North American trading session.
This drop also affected the wider altcoin market, resulting in more than $1.1 billion being wiped out from crypto leveraged markets in the last day. This has left crypto traders divided, with some remaining optimistic while others are waiting for a clearer signal before re-entering the market.
Bitwise CIO, Matt Hougan, has made a bold prediction regarding Bitcoin’s future. He believes that we are currently in a ‘Summer of Accumulation’, where long-term investors can build their positions before an anticipated parabolic rally by the end of the year. This prediction comes at a time when stablecoins are gaining popularity due to regulatory support from major jurisdictions, including the United States.
Looking at the charts, Bitcoin experienced a significant resistance level at around $112k after a strong rally following the end of trade wars in the past few months. However, the flagship coin failed to surpass this level and has retraced to a crucial buy zone of approximately $105k.
Analyzing the four-hour timeframe, indicators such as the Relative Strength Index (RSI) and the MACD line suggest a potential reversal in Bitcoin’s price. The RSI has been hovering around oversold levels, while the MACD’s histogram indicates a decline in selling pressure.
Overall, despite the recent drop in prices, there is optimism among some traders that Bitcoin and the wider cryptocurrency market will see a turnaround in the coming weeks. As institutional investors continue to enter the stablecoins market, there is a sense of confidence that a bullish rally may be on the horizon.