Bitcoin (BTC) price has faced significant resistance around the $108k mark recently as tensions in the Middle East have eased. The flagship cryptocurrency saw a slight dip, trading at around $107,472 during the mid-North American session on Thursday, June 26.
Despite a strong comeback after the 90-day tariff pause in April, BTC price has been showing signs of a potential reversal pattern. This bearish sentiment comes as institutional investors, led by Strategy and Metaplanet, continue to show growing interest in the market.
### Major Factors Weighing Down on Midterm Bullish Sentiment for Bitcoin Price
#### Technical Headwinds
In the daily timeframe, BTC price has been forming a falling trend following a bearish breakout from a rising wedge formed in late May 2025. The midterm bearish sentiment is supported by the falling daily Relative Strength Index (RSI) and the MACD line crossing below the zero line. From a technical analysis perspective, BTC price is likely to retest the support level above $92k in the coming weeks, with the ultimate support level sitting at $76k established earlier this year.
#### High Cumulative Short Liquidation Leverage
Bitcoin price is facing increased bearish sentiment due to a cumulative short liquidation leverage of approximately $12 billion around the $112k mark. Institutional investors seem to be looking to suppress BTC price through futures and leveraged markets in order to accumulate more coins before an anticipated parabolic rally. On-chain data also shows that institutional investors have been aggressively adding to their BTC holdings through equity markets, with 251 entities holding over 3.47 million BTC in their treasuries, according to data from BitcoinTreasuries.
In conclusion, the current market conditions suggest that BTC price may face further downward pressure in the midterm, with key technical indicators pointing towards a potential retest of support levels. Institutional investors’ actions in the market also indicate a strategic move to accumulate more BTC before a potential rally. As always, it is important for investors to closely monitor market developments and adjust their strategies accordingly.