Bitcoin stabilizes around $103,000 after a vibrant rise earlier in the month, with traders anticipating a new catalyst for movement.
Current Market Analysis
Since mid-May, Bitcoin has hovered around $103,000, with brief pushes to $105,000. Traders have flagged $108,000 as the key breakout level. Analyst Phoenix noted, “It’s all just a big shake-out range before another breakout. Patience.” Byzantine Trader echoed this view, suggesting calm BTC action would allow altcoins to perform.
Macro Economic Context
The macroeconomic backdrop also impacts the crypto market. A softer-than-expected April CPI print did not energize crypto, but traders have dialed back expectations for a July Federal Reserve rate cut. QCP Capital stated that policymakers remain “cautious,” with futures pricing just two cuts in 2025, down from four.
Technical Indicators and Predictions
Technical indicators are also supportive of the market. Funding rates remain modest, suggesting that leverage has not overheated. Moreover, the 200-day moving average continues to slope upward near $88,000. Glassnode data points to reduced exchange balances, which implies limited immediate selling pressure if spot demand revives. If bulls reclaim $108,000, order-book analysis shows scant resistance until $120,000. However, a failure to break higher could result in a retest of $95,000 support.
Overall, despite the current consolidating dynamic, most analysts remain bullish given the constructive consolidation and improving on-chain metrics.
