Over the weekend, Bitcoin, the largest cryptocurrency, dropped below $100,000 but quickly recovered above $106,000. Analysts note that testing the $97,000 mark might trigger a rally towards $110,000.
Key Support and Resistance Levels on Bitcoin
The $97,000 level is defined as the "last entry zone" and is considered a strong buyer response area. The psychological support at $100,000 is now seen as a "minor support". If the price fails to hold above this threshold, the $97,000 level may be tested. The consolidation range between $100,000 and $106,000 indicates that large-scale breakouts may remain limited until mid-July.
Impact of Macro Data and Geopolitical Events
Despite billions flowing into Bitcoin ETFs in 2024, the price remains muted. According to 10x Research, as volatility decreases, investors are moving away from leverage and focusing on major cryptocurrencies. Stabilization of inflation at 2.4% and unchanged unemployment rates support a "soft landing" scenario. In geopolitics, the Israel-Iran ceasefire bolsters risk appetite, contributing to Bitcoin's rise to $106,000.
Investor Outlook
As liquidity inflows continue, the true price direction will be determined by macro data and how market participants adapt to this low volatility environment. Factors such as stable ETF flows, the addition of cryptocurrencies to corporate balance sheets, and growth in the stablecoin market will be monitored as supportive elements for an upward trend.
In the face of volatility and global macroeconomic factors, investors remain cautious, awaiting the CPI data release in July.
