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Bitcoin (BTC) price has faced strong resistance around $108k recently amidst the calming of the Middle East crisis. The leading cryptocurrency dipped slightly to trade at approximately $107,472 on Thursday, June 26, during the mid-North American session.
Despite a significant comeback after the pause on reciprocal tariffs in April, BTC price is showing signs of a potential reversal pattern. The bearish sentiment is building up due to increased demand from institutional investors, particularly Strategy and Metaplanet.
Major Factors Impacting Midterm Bullish Sentiment for Bitcoin Price
Technical Challenges
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In the daily timeframe, BTC price has been following a downward trend after breaking out bearishly from a rising wedge formed in late May 2025. The midterm bearish sentiment is supported by the decreasing daily Relative Strength Index (RSI) and the MACD line crossing below the zero line.
From a technical perspective, BTC price is likely to test the support level above $92k in the upcoming weeks. The key support level for BTC price was set above $76k earlier this year.
Significant Short Liquidation Leverage
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The bearish sentiment towards Bitcoin price is intensified by a high cumulative short liquidation leverage of approximately $12 billion around $112k. It appears that more institutional investors are looking to drive down BTC price through futures and leveraged markets to accumulate more coins before an anticipated rally. On-chain data indicates that institutions have been aggressively acquiring BTC through leveraged equity markets, with 251 entities holding over 3.47 million BTCs in their treasuries according to BitcoinTreasuries.
