Bitcoin’s price danced around $105,000 today, leaving traders to ponder if the bull market is nearing its last act. The cryptocurrency saw a modest resurgence, climbing 2.5% after a 4% tumble at yesterday’s Wall Street opening. As Bitcoin flirts with new heights, market opinions are as varied as ever.
A Mixed Bag of Signals
Bitcoin’s recent price action has been anything but predictable. Earlier this week, the cryptocurrency stumbled around $104,500, sparking debates among traders and analysts over its future trajectory. Daan Crypto Trades, a recognizable name in the trading community, highlighted $102,000 and $106,000 as critical levels to monitor, noting how Bitcoin has oscillated within this range for the past couple of weeks. “Keep an eye out for a clean break,” he advised, emphasizing the importance of these thresholds.
Meanwhile, on-chain analytics firm Glassnode flagged a significant supply cluster at $106,600, which has held since December 16. This level, they noted, is crucial, as the Bitcoin held at this price hasn’t moved—yet. This follows a pattern of institutional interest and market optimism, as detailed in Bitcoin Surges Past $94,000 as Institutional Interest and Market Optimism Grow.
Divergent Perspectives
Not everyone is bullish. Roman, another trader weighing in on the debate, pointed out multiple bearish indicators. He cited resistance rejections, bearish divergences, and low trading volumes as reasons for concern. The stochastic relative strength index (Stoch RSI), a tool used to gauge trend momentum, remains in overbought territory, suggesting that the upward momentum might be waning.
“This isn’t looking good,” Roman remarked, expressing skepticism about the sustainability of the bull run. He’s not alone—others have hinted at potential retracements to $90,000, despite some optimistic predictions of hitting $116,000 soon. Analysts have voiced similar concerns over market perception in Bitcoin Surpasses $95K Amid Resilient U.S. Stocks, Analysts Voice Concerns Over Market Perception.
Historical Context and Future Implications
Bitcoin’s volatility is nothing new. Historically, the cryptocurrency has seen dramatic swings, often leaving investors on edge. Back in December 2017 and again in late 2021, Bitcoin reached new heights, only to experience subsequent sharp declines. The current market environment, with its mix of bullish optimism and bearish caution, feels eerily reminiscent—but also entirely unique.
Looking ahead, the $106,600 mark remains a focal point for many. As Glassnode noted, the supply at this level has not redistributed, which could signal either a strong support or a resistance line that Bitcoin may struggle to breach. The coming weeks will likely test these levels, and traders will be watching closely.
Conclusion: The Road Ahead
As we advance into June, Bitcoin’s path remains uncertain. Will it break through to new all-time highs, or is a correction on the horizon? The mixed signals from the market suggest a period of heightened volatility, which, depending on your perspective, could mean opportunity or risk.
One thing’s for sure: Bitcoin continues to capture the imagination of traders and analysts alike. Whether you’re a seasoned investor or a curious observer, the next few weeks promise to be anything but dull. Stay tuned—this rollercoaster ride isn’t over yet.
Source
This article is based on: Bitcoin bull market 'almost over?' Traders split over BTC price at $105K
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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.
