In the grand theater of finance, Bitcoin (BTC) pirouettes, attempting to reclaim its rightful stage amidst a recent recovery, a dance that could lead it to dizzying new heights. Some analysts, with their crystal balls, whisper of a “final resistance,” while others, ever the pessimists, caution of a potential plunge into the abyss of lower levels. 🎭
The Bitcoin Ballet: Next Act of Resistance
After a dramatic Monday, where a massive daily candle flickered to life, Bitcoin has regained its bullish momentum. Yet, it recently lost its post-all-time high (ATH) range of $106,800-$109,700, sending shivers down the spines of anxious investors. 😱
As the market wobbled since late May, our crypto hero faced volatility, tumbling to a one-month low near the $100,000 mark last week. But fear not! Over the weekend, BTC reclaimed the $105,000 mark, soaring above the crucial resistance of $106,800 on Monday. Analyst Rekt Capital, with a flair for the dramatic, proclaimed that Bitcoin has successfully retested the $104,400 re-accumulation range high resistance as new support for four weeks. Bravo! 👏
He noted that BTC is “rebounding from this new support base in an effort to transition into Price Discovery again.” And just like that, Bitcoin ended its two-week downtrend, closing the day around the $110,500 area. A standing ovation, perhaps? 🎉
According to our analyst, BTC “has skipped through the $106,600-$109,443 Daily Range entirely,” positioning itself like a seasoned performer ready for a retest of the range’s high as support, which previously catapulted it to its ATH last month. A daily close above the $109,443 level would set the stage for a revisit of the “final Daily resistance,” around the $111,723 mark, before a new ATH. The suspense is palpable! 🎭
BTC: Dancing in a ‘Dangerous Area’?
Analyst Crypto Jelle suggests that transforming the $108,000 price area into support could launch Bitcoin into the price discovery phase, potentially eyeing the $120,000 mark. Yet, previous attempts to break through this level have faltered, leaving the cryptocurrency precariously perched. 🎢
With a multi-month pattern in play, Jelle reaffirms a lofty target of $140,000-$150,000 for BTC’s cycle top. He highlights a major inverted Head and Shoulders pattern forming since the end of 2024, nearing completion after the recent price drop formed the right shoulder. The neckline, a delicate thread, sits around the $111,000 mark. A breakout above this level could send Bitcoin soaring to Jelle’s cycle top target. 🚀
Altcoin Sherpa, ever the optimist, believes BTC’s chart “looks pretty good” in the high-time timeframes, declaring he will be “bullish until shown otherwise.” However, he warns that Bitcoin is “still in a dangerous area,” poised to drop to lower levels if it fails to reclaim the $110,000 level. The tension builds! 😬
To Sherpa, “it’s logical to assume some sort of pullback is going to come in the red supply zone,” nestled between the key resistance line and its ATH level. Meanwhile, Ali Martinez highlights on X that BTC’s most crucial support area lies between the $102,770 and $106,090 levels, where 2.21 million addresses bought 1.39 million BTC. A veritable treasure trove! 💎
As of this writing, Bitcoin trades at $109,995, a 3.6% increase in the weekly timeframe. Will it continue its ascent or tumble down the rabbit hole? Only time will tell! ⏳
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2025-06-11 13:19