Bitcoin saw a recovery to around $105,000 on June 6, after a sharp decline to $100,430, which raised questions about market manipulation. Analysts suggest that excessive bullish leverage among traders contributed to this drop. Factors influencing the decline included recession fears, uncertainty regarding U.S. Strategic Bitcoin Reserves, and concerns about potential re-hypothecation of Bitcoin by custodians. Despite the rebound, apprehensions linger about Bitcoin’s ability to reclaim the $110,000 mark due to these unresolved issues. Noteworthy is the role of the Hyperliquid whale, reportedly facing significant losses, which catalyzed a cascade of liquidations. Furthermore, broader economic indicators and regulatory uncertainties continue to weigh heavily on investor sentiment. The lack of transparency from prominent Bitcoin custodians, despite ongoing institutional interest, has led to speculation regarding their practices. Overall, the prevailing concerns surrounding economic conditions and custody practices may hinder Bitcoin's upward momentum in the near term.

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