Bitcoin’s price is once again grabbing the spotlight as it flirts with a potential upward trajectory. After dipping to the $103,200 mark, the cryptocurrency is now consolidating and eyeing a recovery wave that could push it beyond the $106,000 threshold. As of now, it’s trading above $105,000, maintaining its ground above the 100-hourly simple moving average—a technical indicator that traders often use as a benchmark for price trends.
Bulls vs Bears: The Battle Continues
Bitcoin has seen a fresh decline, slipping below the $106,500 zone. This dip was a continuation of its downward movement, testing support levels down to $103,200. As the price hovers around $105,550, a bearish trend line is forming resistance on the BTC/USD hourly chart, courtesy of data from Kraken. If Bitcoin can successfully breach the $106,000 resistance zone, it might ignite a fresh ascent. According to crypto analyst Lisa Thompson, “Clearing this resistance is pivotal. It could pave the way for Bitcoin to test the waters around $108,000.”
Yet, there’s a catch. The first key resistance sits snugly at $106,000, with the next notable hurdle at $106,800. This latter level aligns closely with the 50% Fibonacci retracement of the recent descent from the $110,500 swing high to the $103,200 low. A decisive move past $106,800 could potentially propel Bitcoin to challenge the $110,000 mark—a level that hasn’t been touched since early May. For more insights on potential price movements, see Bitcoin price about to ‘blast’ higher as Fed rate cut odds jump to 60%.
Historical Context and Technical Indicators
For those keeping tabs on Bitcoin, the current price dynamics aren’t entirely shocking. Historically, Bitcoin has shown resilience, bouncing back from dips with surprising vigor. Remember the surge back in April when it rocketed past $110,000? Those were the days. But every high has its low, and the recent fluctuations aren’t out of character.
The technical indicators are painting an interesting picture. The hourly MACD is picking up speed in the bullish zone, while the RSI for BTC/USD has climbed above 50, signaling potential bullish momentum. However, Bitcoin’s path isn’t without its pitfalls. If it fails to break past the $106,000 resistance, another downturn could be on the horizon. Immediate support lies around $105,000, with a more substantial backstop at $104,200. Should these levels give way, we might see Bitcoin testing waters as low as $101,200.
Market Sentiment and Future Outlook
While the current price action might suggest a brewing bullish trend, market sentiment remains a mixed bag. “The crypto market is notoriously volatile,” notes veteran trader Michael Chen. “While there’s optimism in the air, traders should brace for potential whiplash movements.” This sentiment echoes the broader economic outlook, as detailed in Bitcoin eyes gains as macro data makes US recession 2025 ‘base case’.
Looking ahead, the next few weeks could be pivotal for Bitcoin. The cryptocurrency’s ability to surpass key resistance levels will determine its short-term trajectory. If it manages to inch closer to the $110,000 mark, it could reignite the optimism that was palpable earlier this year. Conversely, failure to maintain its upward push could lead to another round of corrections.
In conclusion, Bitcoin’s current price dance is a testament to its volatile yet intriguing nature. As traders and enthusiasts watch closely, the coming days—and indeed, June 2025—could offer further clarity on whether Bitcoin’s next leg higher is truly beginning or if we’re in for another twist in this ongoing saga.
Source
This article is based on: Bitcoin Price Eyes New Gains — Is the Next Leg Higher Starting?
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
