Bitcoin is down, retreating from $110,000. The drop is why crypto is going down. The uptrend remains as long as BTCUSDT is above $106,000. Solaxy presale raises over $47 million.
Bitcoin failed to break $110,000 earlier this week. After pulling back yesterday, the world’s most valuable crypto is once again under scrutiny. It never fails to capture attention, whether it soars or crashes.
Interestingly, the brief drop in the Bitcoin price coincides with a total crypto market cap trending above $3.5 trillion, down roughly 1% in the last 24 hours.
Amid this market contraction, the Bitcoin price is up 4% over the past week but down 2% in the past 24 hours. This sell-off explains why Bitcoin trails Ethereum, which gained 7% last week, and Solana, which, despite sliding in the past day, is up 6% over the same period.
The technical candlestick arrangement for BTCUSDT suggests the uptrend from last week remains intact. Local support is around $106,000, and buyers are in control as long as prices stay within the bullish candlestick of June 9.
(BTCUSDT)
From an effort-versus-result perspective, buyers dominate. Accordingly, every dip could offer entry points for aggressive traders, especially if trading volume remains low.
Ideally, better entry opportunities may emerge once Bitcoin breaks $110,000. However, a drop below $106,000, reversing June 9’s gains, could trigger further losses, weighing down even some of the best Solana meme coins.
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Why Are Bitcoin and Crypto Going Down?
For now, the focus is on why crypto is going down and what factors contribute to this downturn.
Several dynamics explain the sell-off, stemming from a mix of technical, macroeconomic, and behavioral market forces.
Technically, the $110,000 resistance level is critical. Whether this level is breached depends on whether long-term holders reduce profit-taking.
$BTC long-term holders are slowly selling, and with no strong upside catalyst, the risk of a short-term correction grows. On-chain models show key support zones: the 0.95 SSD quantile at ~$103.7k and 0.85 at $95.6k – levels to watch if profit-taking continues. pic.twitter.com/TZx5SLP6gD
— glassnode (@glassnode) June 6, 2025
Those who have been HODLing for the past 12 months appear to be cashing out, adding pressure on Bitcoin.
Unlike previous months when institutional demand and regulatory breakthroughs supported the market, this sell-off is amid a lack of strong upside catalysts. The upside momentum may weaken unless there are major announcements, such as Amazon or Meta adopting Bitcoin.
Moreover, yesterday’s CPI data could have supported Bitcoin, but Donald Trump’s tariff threats introduced geopolitical uncertainty and fears of a global recession, dampening investor sentiment.
🚨*President Trump says he will send letters to U.S. trading partners within the next one to two weeks to set unilateral tariff rates.
Futures slipping on this news. pic.twitter.com/i3jCtJDJ8Q
— Jesse Cohen (@JesseCohenInv) June 12, 2025
This pronouncement overshadowed any positive macroeconomic developments, slowing bullish momentum.
Solaxy Is the Rising Star: Over $47 Million Raised
As Bitcoin remains technically vulnerable, attention is shifting to Solaxy.
Solaxy is one of the hottest presales in 2025. There are only four days until SOLX lists on major exchanges.
The project has raised over $47 million, with each SOLX trading for just $0.001754.
Stakers of SOLX receive an 85% yield.
Solaxy is building the first layer-2 platform for Solana. By using roll-ups, Solaxy will reroute transactions from the mainnet, enhancing the popular network’s scalability and reducing costs.
Even during high-demand periods, like the transaction congestion seen in mid-January 2025, Solana will function smoothly without impacting user experience.
Currently, developers have released the Solaxy Explorer and testnets. They’ve also partnered with Hyperlane to facilitate seamless asset transfers between Ethereum and Solana.
🚨 Hey Solaxy Community, we’re thrilled to announce our collaboration with @hyperlane to deliver one of Web3’s most seamless bridging experiences.
Solana ↔️ Solaxy ↔️ Ethereum. Fast, modular, permissionless.
Together, we’re building the first true Layer 2 bridge for Solana… pic.twitter.com/Jfk2GJUUD3
— SOLAXY (@SOLAXYTOKEN) June 10, 2025
In the coming days, they will launch the Igniter Protocol, a token launchpad, and a DEX, which will provide instant liquidity for tokens promoted through the Igniter Protocol.
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Why Is Crypto Going Down? Bitcoin Rejects $110k
- Bitcoin price rejects $110,000
- Why is crypto going down? Market cap drops nearly 1% to $3.5 trillion
- CPI rises slightly but fails to catalyze demand
- Solaxy presale raises over $47 million
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