At the End of Q2, Is Bitcoin (BTC) Ready to Peak or Drop❓❓❓🔥🔥🔥
📈The price of Bitcoin has plummeted since the end of May and is now hovering around US$105,000. This level serves as a psychological support. However, BTC is facing uncertain prospects that will significantly determine its performance throughout June.
📢Currently, Bitcoin is in a dilemma between hope for an upward trend and potential selling pressure that may arise at the end of the second quarter (Q2).
🕹The MVRV band indicates that BTC is close to overvalued levels, but has not yet triggered massive profit-taking action. There is still a little room for upward momentum to continue.
➡️Ryan Lee, Chief Analyst at Bitget Research, told BeInCrypto that there are several additional factors that must also be considered when analyzing BTC's price.
🔥"Bitcoin holding in the range of US$105,000 is a natural cooling phase after a sharp rally.
Increased trading volume followed by sustained interest now indicates signs of fatigue.
Indicators like the Fear and Greed Index show an overheated market. Meanwhile, the MACD starting to weaken and rising open interest point to the potential for an extension of an already extended trend.
In the short term, BTC is likely to consolidate between US$103,000 and US$108,000, where US$100,000 acts as a psychological support.
If this level breaks, the next correction target will likely lead to the range of US$97,000–US$93,000," 🔥 said Lee.
💣Key levels to watch: if BTC breaks through the resistance at US$106,865, then the price could be pushed higher. However, if it falls below US$105,000, BTC risks dropping to US$102,734 and experiencing a deeper correction.
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