Bitcoin price has retreated in the past few days, and the futures market points to more downside, potentially to $100,000. Bitcoin (BTC) dropped to $104,650 on Wednesday, June 18, marking a 6.52% decline from its highest level this year. Option traders are increasingly betting on further declines. Data from Deribit shows that the put-to-call volume ratio rose to 2.17, indicating that more traders are buying put options as a hedge. A put option gives investors the right, but not the obligation, to sell an asset at a specific price within a defined time period. In this case, for contracts expiring on Friday, open interest in put options is concentrated at the $100,000 strike. Investors remain cautious amid the escalating crisis in the Middle East. In a statement on Tuesday, Donald Trump suggested the U.S. may enter the conflict and potentially target Iran’s Supreme Leader, Ayatollah Ali Khamenei. You might also like: Cathie Wood’s Ark Invest dumps second batch of Circle shares The conflict could fuel inflation in the U.S. and globally. Brent and West Texas Intermediate crude prices rose to $76 and $74, respectively, while global shipping costs have also jumped. As a result, the Federal Open Market Committee may opt for a wait-and-see approach, monitoring the impact of geopolitical tensions and Trump’s proposed tariffs. On a more positive note, Bitcoin demand appears to be rising. Spot Bitcoin ETFs saw over $216 million in inflows on Tuesday, bringing total cumulative inflows to $46.26 billion. In a note, an XBTO analyst said: “A hawkish signal from the Federal Reserve could strengthen the US dollar and trigger a test of the psychological $100,000 mark. The geopolitical situation remains a wildcard, where further deterioration would likely trigger another move down across risk assets.” Bitcoin price has formed a double-top pattern BTC price chart | Source: crypto.news On the eight-hour chart, BTC has pulled back from a high of $110,500 to around $104,530. It has formed a double-top pattern with a neckline at $100,300, a formation often associated with bearish breakouts. Bitcoin has also fallen below the 50-period Exponential Moving Average and is approaching the 23.6% Fibonacci retracement level. Meanwhile, the MACD indicator has dropped below the zero line. As such, Bitcoin may continue falling, with the next level to watch being $100,300, about 4.2% below current prices. A break below that support could open the door to a deeper decline toward the 38.2% retracement level at $97,560. You might also like: Ethereum price outlook: $3,200 or $1,587 as 39-day range nears breakout