Matrixport published a daily icon analysis saying that although Bitcoin has tried to rebound, the seasonal pattern (refer to our daily chart for June 2) suggests that a sustained breakout is unlikely to happen. For this rally to remain technically valid, Bitcoin needs to remain above $105,000. However, the bigger concern is with Ethereum, where, as we noted in our June 11 report, leveraged traders have pushed the price higher without fundamental support.
We continue to believe that the current price of Ethereum is mainly driven by futures positions, which makes it vulnerable to further declines. This position risk helps explain the extraordinary decline in Ethereum over the past few days. With leverage still high, further downward pressure on the price remains significant.
Matrixport: The current price of Ethereum is mainly driven by futures positions, and downward pressure remains high
2025-06-23 07:08:05
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