Bitcoin is currently consolidating near $105,000, and a critical support level at $103,000 could determine whether it rallies towards $120,000 or faces a correction. Recent market activity includes significant institutional interest, with $5.23 billion in spot Bitcoin ETF inflows in May and Logtech's plan to purchase $1.5 billion worth of BTC, showing strong demand in this price range.
As it stands, Bitcoin is testing a critical Fair Value Gap (FVG) between $106,266 and $106,723, having previously seen a 2.50% bounce from the Point of Control (POC) at $103,897, which marks the highest traded volume level in the $104,845 to $102,468 area. Maintaining support above $103,000 is essential for bullish momentum, as any breakdown could lead to a decline.
Market analyst Georgii Verbitskii advises caution for speculative trading, stating, "Opening long positions below the $105K level carries elevated risk and should be approached with caution." Looking at the charts, Bitcoin's immediate resistance stands at $106,723, which needs to be flipped into support for any further price gains. If so, targets of $109,000, $110,000, and ultimately $120,000 come into play. Conversely, failure to uphold the $103,000 level may result in a pullback towards key support zones at $102,020 and $101,238.
Ryan Lee from BitGet suggests that consolidation between $103K and $108K is likely while $100K remains a solid support level. If the market shows weakness and $103K fails, deeper corrections to $97K-$93K could occur, based on Fibonacci analysis.
Despite technical uncertainties, institutional investors remain focused on the long-term prospects of Bitcoin, underscored by significant ETF inflows and purchases reinforcing its status as a reserve asset. Artists and institutions alike see potential in Bitcoin as its price behavior unfolds.
In the coming days, the market needs to see if Bitcoin can maintain that pivotal $103,000 level, which is crucial for the bulls to ignite another potential rally, or face a more significant downturn.
As it stands, Bitcoin is testing a critical Fair Value Gap (FVG) between $106,266 and $106,723, having previously seen a 2.50% bounce from the Point of Control (POC) at $103,897, which marks the highest traded volume level in the $104,845 to $102,468 area. Maintaining support above $103,000 is essential for bullish momentum, as any breakdown could lead to a decline.
Market analyst Georgii Verbitskii advises caution for speculative trading, stating, "Opening long positions below the $105K level carries elevated risk and should be approached with caution." Looking at the charts, Bitcoin's immediate resistance stands at $106,723, which needs to be flipped into support for any further price gains. If so, targets of $109,000, $110,000, and ultimately $120,000 come into play. Conversely, failure to uphold the $103,000 level may result in a pullback towards key support zones at $102,020 and $101,238.
Ryan Lee from BitGet suggests that consolidation between $103K and $108K is likely while $100K remains a solid support level. If the market shows weakness and $103K fails, deeper corrections to $97K-$93K could occur, based on Fibonacci analysis.
Despite technical uncertainties, institutional investors remain focused on the long-term prospects of Bitcoin, underscored by significant ETF inflows and purchases reinforcing its status as a reserve asset. Artists and institutions alike see potential in Bitcoin as its price behavior unfolds.
In the coming days, the market needs to see if Bitcoin can maintain that pivotal $103,000 level, which is crucial for the bulls to ignite another potential rally, or face a more significant downturn.
