Bitcoin reclaimed the $108,000 mark on June 16 after reports that Iran was open to negotiations with the US and Israel eased Middle East war fears.

The move recovered losses from June 12, when markets reacted to Israeli-Iranian hostilities.

According to the June 16 Bitfinex Alpha report, this marks a “healthy consolidation phase within an ongoing upward path,” with last week’s 9% drop still within normal cycle behavior.

The decline briefly pushed the Fear & Greed Index into “Fear” territory on June 13, but the report noted such dips occur in 41% of current-cycle sessions.

At press time, Bitcoin traded at $108,621.47, up 3.32% in 24 hours. Price action remains between $102,000 and January’s all-time high of $109,590.

From June 9 to 12, Bitcoin rose 4.7% to near $112,000 before reversing as news of an Israeli strike on Iran sparked broad market selloffs. Traders unwound leveraged positions, pushing Net Taker Volume to minus $197 million—its lowest since June 6.

The report said this extreme often signals a local bottom, as larger wallets tend to accumulate during forced selling. Net Taker Volume has stayed negative since June 12, reflecting ongoing short-term selling.

Support remains at $102,000–$103,000, with sustained trading above that range indicating steady demand. However, failing to break above $109,590 could keep Bitcoin range-bound.

Macro factors still add pressure. Rising oil prices and US Treasury yields are tightening financial conditions, but the report concludes that Bitcoin’s quick recovery shows “resilient underlying demand.”