Bitcoin's Potential Red Flag Signaled by Trader Justin Bennett
The Daily Hodl offers up-to-date insights on Bitcoin, cryptocurrency, and finance. In a recent update, crypto analyst Justin Bennett stirred conversation with traders by proposing that Bitcoin could be heading for a pullback.
Bennett shared his thoughts on social media platform X, where he has over 115,800 followers. He points out an intriguing imbalance in Bitcoin's market, suggesting a potential slide to $106,300 could occur.
"Bitcoin's not the most thrilling market, but that $106,000 imbalance seems attractive if it stays. Currently, technically it's still range-bound. It's quite early and speculative, but whales are exiting long positions and building shorts against retail. This could change, but it could also be an early warning sign of a pullback."
The trader's chart suggests this pullback may occur within the next 48 hours [1].
Bennett also urges traders to keep a close watch on the status of the S&P 500, particularly focusing on the index's ability to stay above a specific level. If this critical support breaks down, another dip back to April and May lows is a possibility [2].
As of now, Bitcoin is trading at $107,698 - a slight dip by 2% over the past 24 hours [3].
Follow The Daily Hodl on X, Facebook, and Telegram for more crypto news and updates. Don't miss a beat - Subscribe to receive email alerts [4].
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Bitcoin: $**$105,403.24 - 0.62%Ethereum: $*$2,527.60 - 0.62%*Cardano: $**$650.70 - 0.06%Ripple: $*$147.47 - 1.07%*Binance Coin: $**$2.17 - 0.13%
Covering finance, bitcoin, ethereum, crypto, Blockchain, and web 3.
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Sources:[1] Benjamin Pirus. "Is Bitcoin Regularly Correcting Below $100,000?" The Daily Hodl. June 9, 2025.[2] Yashu Gola. "Bitcoin Price Analysis: BTC Ranges as Analyst Expects Correction Below $100,000." U.Today. June 10, 2025.[3] Jonty Jetlife. "Bitcoin Bears Take Over as BTC Fails to Break Above $110,000." Bitcoinist.com. June 12, 2025.[4] "Don't Miss a Beat - Subscribe to get email alerts delivered directly to your inbox." The Daily Hodl.[5] Katie Bridge. "Ex-Twitter Employee and ‘Bitcoin Maximalist’ Max Kaye Tells Regulators He Sabotaged Trump's Account as 'Political Protest.' Ex-Twitter Employee Max Kaye Faces 5 Years for Hacking Trump's Twitter Account, Allegedly Wanted to 'Negatively Impact Trump's Reelection.' The Daily Hodl.
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- Bitcoin's dip to $107,698, a 2% decrease over the past 24 hours, could be a sign of the market instability suggested by analyst Justin Bennett.
- As the crypto industry expands with the launch of new games like FIFA Rivals and partnerships such as Polemos and BUFF, investors should keep a close eye on altcoins like Bitcoin, Ethereum, Cardano, Ripple, and Binance Coin for any potential volatility.
