Bitcoin is actively targeting liquidity near $106,000 as traders look for a sustained price recovery, supported by bids totaling $260 million. Strong support exists down to $97,000, which increases the chances of the price holding at these levels. Current market trends show that profit-taking is occurring, but its intensity hasn't matched the peaks seen in previous cycles. Bitcoin's price retreated after the Wall Street open on June 3, but managed to stabilize after dropping below past all-time highs from late 2024. Traders, including Daan Crypto Trades, are closely monitoring liquidity ranges, indicating significant positions are still in play. "There are still a lot of positions built up on both sides," Crypto Trades remarked. Data from CoinGlass indicates a possible price squeeze could target liquidity above $110,000 or below $103,000, while Material Indicators highlight that over $263 million in Bitcoin bid liquidity is secured to support any downturns, aiding overall price stability. Yet, experts express skepticism about Bitcoin reaching new all-time highs soon without a major volatility event to drive the market. Profit-taking trends among long-term holders have shifted, as fewer than 8% of trading days have been profitable, reflecting a slow transition into profit-taking behavior. Glassnode's report reveals that while holders are capturing an average profit of 16%, the market does not exhibit the usual euphoric signs seen at prior peaks.
Bitcoin Targets $106K Liquidity as Bulls Show Support with $260 Million Bid
Bitcoin is eyeing a liquidity level at $106,000 as traders anticipate a price recovery, backed by strong support down to $97,000.
Jamie Bennett
Crypto Analyst
5 min read
6,444
Analysis
Market Sentiment
Bearish
Neutral
Bullish
News Impact
8/10
Credibility: 9/10
Trading Recommendation
BTC
BTC
BUY
Entry Price
$106000
Confidence
80%
Stop Loss
$103000
Take Profit
$110000 - $115000
The news indicates significant support at $97,000 and a bullish sentiment around the $106,000 liquidity mark, warranting a buy position.
