Bitcoin prices continue to be pressured, consolidating below the $106,000 level. Amid uncertainty, traders are anticipating possible areas for sharp movements in either direction.
Price Dynamics of Bitcoin
Bitcoin's price remained below $106,000 through the weekend, indicating seller dominance. Although the asset attempted to overcome bearish pressure, it failed to secure a crucial price range, keeping bearish hopes alive. The coming movements in June may be volatile, with the question of whether the token can reclaim the $110,000 mark.
Investor Skepticism
Bitcoin bulls have held the rally above an important support level at $102,153 since the price surged in May. While the recent bounce somewhat supports bullish claims, traders show interest in the current price range between $103,000 and $107,000, betting on both sides. Data from Coinglass suggests short liquidations after the price rose above $105,500, while longs remained around $103,500. This raises the likelihood of testing the price range, potentially generating significant bullish momentum.
Prospects for New All-Time Highs
Given the recent price action, Bitcoin is expected to consolidate along local highs for some time. However, following historical trends, a sharp correction seems imminent. An analyst known as AlphaBTC notes similarities in recent price action, suggesting a pullback to $90,000 or slightly lower, yet also expresses confidence in a bullish reversal leading Bitcoin to new highs, possibly to $125,000. Notably, institutions like El Salvador, Metaplanet, and BlackRock continue to accumulate Bitcoin, indicating a potential signal for future growth.
The Bitcoin market remains under pressure with the potential for sharp fluctuations ahead. While investors maintain skepticism, institutional players continue accumulating the asset, which may hint at the onset of a significant bull trend.
