BitcoinResistance

Bitcoin trades at $105,339.83, facing key resistance near $106,000.
A breakout could propel Bitcoin to a $120,000 price target.Market cap stands at $2.08 trillion with a $41.89 billion trading volume.Institutional buying may support Bitcoin’s upward momentum.High correlation with S&P 500 influences Bitcoin’s price trends.
Bitcoin Price Stalls at $105,339.83 Amid Resistance
Bitcoin is trading at $105,339.83 on June 2, 2025. The cryptocurrency faces a critical resistance level that has held firm in recent weeks. A chart shared on TradingView highlights this barrier, showing Bitcoin’s struggle to push higher after a sharp decline from its recent highs.
The price chart indicates a descending trendline that has capped Bitcoin’s upward movement since late May. This resistance aligns with levels near $106,000, a threshold Bitcoin has failed to breach consistently. The current price reflects a 0.64% drop over the past 24 hours, with a low of $104,639.52 recorded earlier today.
Market data reveals Bitcoin’s market capitalization stands at $2.08 trillion. The 24-hour trading volume is $41.89 billion, signaling sustained interest despite the price consolidation. Bitcoin’s inability to break above this resistance has kept it range-bound, oscillating between $104,000 and $106,000 in recent sessions.
A report from CoinMarketCap shows Bitcoin’s circulating supply at 19.77 million BTC. The total supply is capped at 21 million, reinforcing its scarcity-driven value proposition.
$120,000 Target Looms If Resistance Breaks
Bitcoin could surge to $120,000 if it overcomes the current resistance. A post on X emphasized this potential, stating that surpassing this barrier would pave the way for a significant rally. The chart supports this outlook, projecting a breakout that could drive Bitcoin to new all-time highs.
Historical resistance levels near $106,500 have proven challenging for Bitcoin in the past. Data from TradingView indicates that Bitcoin briefly surpassed $105,000 in mid-May but faced rejections at higher levels. The $120,000 target hinges on a decisive close above the current resistance zone.
Market sentiment remains cautiously optimistic. Institutional interest in Bitcoin has grown, with companies like Trump Media announcing plans to acquire BTC. According to a Reuters report, Trump Media’s CEO Devin Nunes described Bitcoin as a “leading tool for financial freedom.” This corporate buying could fuel upward momentum if resistance breaks.
Bitcoin’s correlation with the S&P 500 remains high at 70% over the past month, per Cointelegraph data. This suggests broader market trends could influence Bitcoin’s trajectory.
The next few days are pivotal for Bitcoin. A failure to break above resistance could lead to a retest of support near $104,000. Conversely, a strong breakout might trigger a rapid ascent toward the $120,000 mark, as projected by market observers.
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Bitcoin has surged to $BTC 96,000, but it's encountering strong resistance in the highlighted green zone. Despite recent bullish momentum, price action suggests a potential fake breakout is unfolding.
Key Levels to Watch:
If BTC$BTC fails to hold above this resistance zone, downside pressure could intensify.A breakdown could trigger a move toward the $BTC 69K–$70K range, as projected in blue.Momentum is waning — bulls must step in soon or risk losing control to the bears.
What This Means:
This is a critical inflection point. A confirmed rejection from the green zone could accelerate a bearish reversal. Traders should monitor price action closely before entering new positions.
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$BTC is currently trading around $95,500, experiencing a 3% decline in the last 24 hours. The market shows bearish momentum, with BTC struggling to hold above critical levels.
Key Support Levels:
1. $93,700: The recent 24-hour low, acting as the nearest support level.
2. $90,000: A psychological level with historical buying interest.
Key Resistance Levels:
1. $97,530: The 7-day EMA, which BTC needs to reclaim to reverse bearish sentiment.
2. $99,000 - $100,000: A strong resistance zone that could trigger further upside if breached.
Market Sentiment:
▫️The RSI suggests oversold conditions, indicating a possible bounce.
▫️However, the MACD and declining volume signal continued bearish pressure.
Strategy Tip:
Traders should monitor BTC's reaction near $93,700 for a potential bounce or a breakdown. A close above $97,530 could signal a recovery, while a fall below $93,700 might lead to $90,000. Always use stop-loss orders to minimize risk.
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Bitcoin is currently consolidating just below the $100,000 mark, trading around $95,000 to $98,500. While the cryptocurrency has shown resilience in this range, breaking past the six-figure milestone remains a significant challenge. After hitting resistance near $98,500, Bitcoin faced another pullback, dipping below $96,500 and testing the $95,000 support zone. The 100-hour Simple Moving Average (SMA) now sits below $96,500, indicating a potential bearish tilt in the short term.
Recently, a key bullish trendline, which had been supporting the price at $96,670, was breached on the hourly BTC/USD chart. Despite this, Bitcoin managed to recover slightly, climbing back above $95,500 and surpassing the 23.6% Fibonacci retracement level from the $98,424 high to the $94,899 low. Immediate resistance lies at $96,650, with more substantial hurdles at $97,000 and $97,600—the latter being the 76.4% Fibonacci retracement level. A decisive close above $97,600 could reignite bullish momentum, pushing the price toward $98,500 and potentially breaking the $100,000 barrier.
However, if Bitcoin fails to reclaim the $97,000 level, further declines could be in store. Initial support is found near $95,500, with more significant levels at $95,000 and $93,500. A deeper correction might drive the price toward $92,000, with strong support anticipated around $91,000.
Technical indicators present a mixed outlook. The MACD remains in the positive zone on the hourly chart, suggesting some bullish potential. However, the Relative Strength Index (RSI) for BTC/USD has dipped below 50, signaling a possible bearish shift. Key support levels to watch are $95,500 and $95,000, while resistance levels stand at $97,000 and $98,000. A break above these resistance points could pave the way for Bitcoin to challenge its all-time highs and beyond.
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