The cryptocurrency market has been buzzing with activity following a significant price movement in Bitcoin (BTC), which has caught the attention of traders and analysts alike. On June 21, 2025, at approximately 10:00 AM UTC, a notable Twitter post from a well-known crypto analyst, Skew, suggested that a major firm or whale may have liquidated their entire position, causing a sharp decline in BTC price. According to Skew, the next critical price level to watch is 102,000 USD, with market flows and positioning being pivotal for future movements. At the time of the post, Bitcoin was trading at around 104,500 USD on Binance, having dropped by 2.8% within the prior 24 hours, as reported by CoinGecko data. This sudden sell-off was accompanied by a spike in trading volume, with over 1.2 billion USD in BTC traded across major exchanges like Binance and Coinbase between 8:00 AM and 10:00 AM UTC on the same day. This event has also coincided with a broader downturn in the stock market, particularly in tech-heavy indices like the Nasdaq, which fell by 1.5% on June 20, 2025, at market close, per Yahoo Finance reports. The correlation between stock market declines and crypto sell-offs is becoming increasingly evident, as risk-off sentiment appears to be driving capital out of high-volatility assets like Bitcoin. For traders, this presents a critical moment to reassess positioning, especially as BTC hovers near key support levels. The interplay between traditional markets and crypto is a focal point, with institutional flows potentially dictating the next major move in Bitcoin’s price action.

From a trading perspective, the implications of this whale or firm liquidation are substantial, particularly when viewed through the lens of cross-market dynamics. As of June 21, 2025, at 12:00 PM UTC, Bitcoin’s price on Kraken was recorded at 104,200 USD, reflecting a continued downward pressure with a 24-hour trading volume of 800 million USD across BTC/USD and BTC/USDT pairs. This event has also impacted altcoins, with Ethereum (ETH) dropping 3.1% to 3,600 USD and Solana (SOL) declining 4.2% to 135 USD within the same timeframe on Binance. The stock market’s influence cannot be ignored, as the Nasdaq’s decline on June 20, 2025, appears to have triggered a risk-averse sentiment among institutional investors. According to a Bloomberg report on June 21, 2025, large hedge funds have reduced exposure to both tech stocks and cryptocurrencies simultaneously, redirecting capital to safer assets like bonds. This shift in institutional money flow suggests a potential for further downside in BTC unless buying pressure emerges at the 102,000 USD level highlighted by Skew. For traders, this creates opportunities in short-term bearish plays, such as shorting BTC/USD on leverage, while also keeping an eye on potential reversal zones. Additionally, crypto-related stocks like MicroStrategy (MSTR) saw a 2.3% drop to 1,450 USD on June 20, 2025, at market close, reflecting the broader negative sentiment impacting Bitcoin’s price. Monitoring these correlations can provide critical insights for timing entries and exits in the crypto market.

Diving into technical indicators and on-chain metrics, Bitcoin’s current trajectory shows several key data points as of June 21, 2025, at 2:00 PM UTC. The Relative Strength Index (RSI) on the 4-hour chart for BTC/USD on TradingView stands at 38, indicating an oversold condition that could precede a bounce if buying volume returns. However, the Moving Average Convergence Divergence (MACD) remains bearish, with a negative histogram suggesting continued downward momentum. On-chain data from Glassnode reveals a significant outflow of 25,000 BTC from major exchanges between 9:00 AM and 1:00 PM UTC on June 21, 2025, potentially confirming the whale liquidation theory proposed by Skew. Liquidation data from Coinalyze shows that over 120 million USD in long positions were wiped out in the BTC perpetual futures market during the same period, adding to the bearish pressure. In terms of stock-crypto correlation, the S&P 500 futures were down 0.8% at 9:00 AM UTC on June 21, 2025, per Investing.com, signaling a persistent risk-off environment that could further weigh on Bitcoin. Institutional flows, as noted earlier, are critical here—reports from Reuters on June 21, 2025, indicate that crypto ETFs like the Grayscale Bitcoin Trust (GBTC) saw net outflows of 50 million USD on June 20, 2025, reflecting waning confidence among larger investors. For traders, the 102,000 USD level remains a crucial pivot point; a break below could target 98,000 USD, while a reclaim of 105,000 USD might signal a reversal. Keeping an eye on stock market recovery signs and crypto-specific volume spikes will be essential for navigating this volatile period.

FAQ Section:
What caused the recent Bitcoin price drop on June 21, 2025?
The recent Bitcoin price drop on June 21, 2025, is believed to be driven by a major firm or whale liquidating their position, as suggested by crypto analyst Skew on Twitter at around 10:00 AM UTC. This event coincided with a 2.8% price decline to 104,500 USD on Binance and heightened trading volume of over 1.2 billion USD across major exchanges.

How are stock market movements affecting Bitcoin’s price?
Stock market declines, particularly a 1.5% drop in the Nasdaq on June 20, 2025, have contributed to a risk-off sentiment among investors. This has led to reduced exposure to high-risk assets like Bitcoin, with institutional flows moving toward safer assets, as reported by Bloomberg on June 21, 2025.

What are the key Bitcoin price levels to watch now?
According to Skew’s analysis on June 21, 2025, the next critical price level for Bitcoin is 102,000 USD. A break below could signal further downside to 98,000 USD, while a move above 105,000 USD might indicate a potential reversal, based on current technical indicators like RSI and MACD.