Bitcoin reclaimed $105K after a $98K flush, forming strong higher lows and holding firm above key Fibonacci retracement zones.
Despite global conflict, Bitcoin shows resilience with buyers defending $100K and eyeing a breakout beyond $108,900 resistance.
Multiple failed breakouts near $106.6K–$108.8K signal a supply zone, but bulls still control the structure above the $97K demand base.
Bitcoin is trading at $104,949.3, up over 6.5% from its recent sub-$100K low. The cryptocurrency recaptured the $100,015.6 level, matching a significant Fibonacci pivot and establishing a higher bottom. Immediate resistance currently stands around $108,860.5, with the $98,000 zone serving as critical support for short-term sentiment.
Liquidity Spike Meets Fibonacci Rally
On June 23, Bitcoin dipped briefly into the $99K–$100K pocket before staging a sharp recovery. By midnight, Bitcoin was trading above $103K, and before 4:00 AM on June 24, it had surged toward $106.2K. The upper wick confirmed a short-term top, with price consolidating between $105K and $106K into the afternoon.
Source: CoinMarketCap
Bitcoin held this new range firmly, as quick recoveries followed each dip to $104K. Volume remained consistent across the session, with no extreme surges or breakdowns. This structure revealed steady accumulation, not short-term speculative pressure, suggesting longer-horizon positioning.
Resistance Crossroads Ahead for Bitcoin Bulls
Bitcoin’s 4-hour chart shows it bouncing from a significant Fair Value Gap (FVG) near $97,000 with solid volume backing. The rally reclaimed the 0.382 Fibonacci level at $104,406.0, validating a higher low within the current bullish market structure. Buyers also defended the 0.618 retracement level, making $100,015.6 a pivotal floor.
<embed> https://x.com/CryptoPatel/status/1937351725666742413 <embed/>
According to market analyst Crypto Patel in the analysis above, resistance near $108,860.5 has rejected several breakout attempts, forming a supply zone. Another cluster sits at $106,669.8, where recent wick rejections signaled strong seller presence. Until Bitcoin breaks and closes above $108,900, the structure remains technically cautious despite bullish momentum.
A detailed breakdown from Patel adds that smart money could be shorting the $107K–$109K zone due to the high reward-to-risk ratio. Still, the HL formed at $102,187.2 and another at $100,015.6 affirm buyers' strength. These Fibonacci-based zones continue to act as solid recovery points after each correction.
Moreover, the $97,003.2 level, sitting precisely on the 0.786 retracement, marked the cycle’s key liquidity grab. Traders responded aggressively in that zone, confirming interest in accumulation. Bitcoin’s bounce from this area confirms that bullish momentum hasn’t vanished despite recent macro headwinds.
Price Triggers to Watch Amid Global Chaos
Bitcoin will need to flip $106,669.8 into support for a retest of the $108,860.5–$110,654 range. A clear break and close above that could ignite a surge toward $111,924.5, targeting the next swing extension. These breakout levels are closely monitored, particularly as on-chain flows and risk sentiment improve.
Still, if resistance persists, Bitcoin may return to $102,187.2 or perhaps $100,015.6. A definitive breach below $98,000 would invalidate the present HL structure and warn of a probable decline. Despite global tensions between Israel, Iran, and the U.S., strikes on nuclear sites, Bitcoin remains remarkably resilient.
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