In early June, Bitcoin reclaimed the $105K level but now shows signs of short-term hesitation. The broader market remains cautious as BTC hovers around $105K, with traders evaluating resistance near $106K. While higher timeframes maintain bullish momentum, key indicators suggest consolidation risks before June 10.
Current Bitcoin Price Status
BTC rebounded sharply from the $102K zone, gaining over 3% in just two sessions. Earlier, dynamic support near the 100-day MA converged with horizontal demand at $101K, fueling the recovery. However, the 4-hour chart reveals another stall at a critical resistance zone ($105.8K–$106.9K), aligning with the Bollinger Band upper limit and May's prior resistance.
Recent updates highlight BTC's tight coiling within a short-term symmetric triangle pattern, compressing volatility and building breakout pressure. This formation below key resistance typically precedes directional moves—either confirming continuation or signaling a pullback.
Momentum Indicators Flash Caution
- RSI: Fluctuates neutrally at 47.65 on 30-minute charts, failing sustained bullish momentum despite breakout attempts.
- MACD: Positive but flattening post-bullish crossover, suggesting waning buying interest without volume support.
Key Insight: Absent volume surges, BTC may face intensified two-way volatility within 24–48 hours.
Critical Support Levels and Ichimoku Analysis
- EMA Cluster: 4-hour chart shows dynamic support at $104.9K–$105.3K (20/50/100 EMAs). A drop below $104.8K invalidates short-term bullish structure.
- Ichimoku Cloud: 30-minute chart reveals thin bearish cloud, hinting at minor correction risks despite holding above $105.4K Kijun-Sen.
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Higher Timeframe Outlook Stays Bullish
Weekly Chart: BTC forms higher lows after reclaiming the 0.618 Fib level ($100,942). Maintaining above the 0.786 Fib ($104.9K) could propel prices toward:
- Immediate target: $109K (May high)
- Extended target: $130.9K (1.618 Fib extension)
1D Chart: BTC trades above prior downtrend breakout zone but faces supply pressure above $106.8K.
Drivers Behind Today’s Rally
- Technical Factors: Rebound from MA support + hourly bullish triangle breakout.
- Macro Sentiment: Cooling US inflation and dovish central bank signals boosted crypto risk appetite.
- Institutional Demand: Volume spikes (~$104K) reflect ETF-related buying and wallet accumulation.
| Metric/Level | Approx. Value | Signal |
|---|---|---|
| Immediate Resistance | $106,900 | Major breakout threshold |
| Support Zone | $104,800 – $105,000 | EMA cluster, Fib 0.786 |
| MACD (30-min) | Weak bullish | Flattening |
| Weekly Key Resistance | $109,000 | All-time weekly high |
FAQs: Bitcoin Price Movements
Q: Why is BTC struggling near $106K?
A: This zone combines Bollinger Band resistance and May’s sell-off level, creating concentrated supply.
Q: What confirms a bullish breakout?
A: A daily close above $106.9K with elevated volume could target $109K+, while losing $104.8K may trigger a pullback.
Q: How does institutional activity impact BTC?
A: ETF inflows and large wallet accumulations often precede sustained rallies, as seen in recent volume spikes.
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Conclusion
BTC displays resilience below $106.9K but shows fatigue signs. A breakout above this zone is critical for retesting highs, while a drop below $104.8K may prompt a short-term dip toward $102.5K. Traders should monitor triangle patterns and EMA supports as BTC enters a decisive phase.