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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