Bitcoin Slides Below $104K as Retail Sentiment Reaches April Lows

Bitcoin dipped beneath the $104,000 mark on June 21, marking another bout of weakness in what has become a choppy trading environment. The world’s leading cryptocurrency dropped as low as $102,411 during the day before staging a modest rebound to end near $103,700. The move follows nearly a week of sideways consolidation between $105K and $107K and reflects a renewed wave of selling pressure.

One of the most notable signals accompanying this decline is the sharp deterioration in retail investor sentiment. According to blockchain analytics firm Santiment, the bullish-to-bearish ratio among retail traders has dropped to 1.03:1—its lowest reading since early April. That period coincided with so-called “Liberation Day,” when then-President Trump’s tariff announcements caused a broad sell-off across markets, including crypto.

Analysts point out that extreme levels of retail pessimism often correlate with market bottoms. Historically, sharp dips in public confidence have been followed by rebounds, especially when long-term holders or institutional entities continue to accumulate. While retail investors grow cautious, on-chain data suggests that larger wallets are steadily increasing their holdings, a pattern consistent with past accumulation phases.

Despite the negative sentiment, Bitcoin remains within a familiar range, having fluctuated between $100,000 and $110,000 for much of the past month. With interest rates unchanged and macroeconomic conditions relatively stable, traders are watching the $103,500 level as a critical support point. If that level breaks, a deeper pullback could be in play—but if it holds, renewed momentum toward $110,000 remains on the table.