The Bitcoin price stands at $105,000 currently, standing firm in the face of volatility. Recent statistics show the probability of BTC dropping to below $100,000 is evaporating, primarily based on the liquidity levels increasing. This stability comes as traders monitor ongoing geopolitical tensions and U.S. Federal Reserve decisions.
Market Overview
Bitcoin price dropped by 4% to a low of $103,400 on June 17 following U.S. President Donald Trump’s address on the Iran-Israel crisis. The currency then recovered its ground, and the currency hovered between $105,000 in the current times. The general view from experts is that the final support is at $100,000, which Bitcoin has held on to since May 8.
Key Support and Resistance Levels
The market participants are now fixated on the $106,000 level. It is a make-or-break level for Bitcoin bulls, says MN Capital’s Michael van de Poppe. His view is that if BTC manages to convert this resistance to support, then it may be the beginning of an uptrend. Not holding above $100,000, however, could lead to additional positions getting liquidated.
Liquidity Factors
Recent statistics in CoinGlass reveal humongous liquidity accumulated above $106,000, and ask orders to accumulate at the price level. There are approximately $70 million worth of ask orders stacked up between $106,500 and $109,000. If Bitcoin crosses the $106,000 price level, then it can potentially cause a liquidation squeeze that pushes prices onto the next humongous liquidity chunk at well over $110,000.
Technical Analysis of Bitcoin Price
Bitcoin’s recent trajectory indicates possible bullish reversal if only it could remain above $100,000. Anonymous analyst CrypNuevo places even more stress on remaining above this level by referencing how a retest on June 6 was able to confirm its grip.
Bitcoin Price Indicators to Watch
The Relative Strength Index (RSI) shows increasing bearish momentum as BTC navigates these price levels. Analysts are keenly observing the Moving Average Convergence Divergence (MACD) indicators, which could provide further insight into potential shifts in market sentiment.
Despite the recent shakeup, institutional faith in Bitcoin is unchallenged. Increasing inflows into Bitcoin-themed ETFs bear testament to enduring conviction. It is good for Bitcoin’s longer-term horizon, especially as the market digests macroeconomic stress.
The cost of Bitcoin is steady at $105,000, and the likelihood of it declining to levels of below $100,000 is low, so the experts opine. The traders and investors are monitoring the $106,000 resistance level, crossing which will develop phenomenal upward momentum. The investors and traders need to stay alert, as market and geopolitical circumstances remain volatile.
