Bitcoin Dance Between Correction and Rebound

Bitcoin is currently in a correction phase after reaching its ATH of $111,968 on May 22, currently trading around $104,536. But don't worry - on-chain data suggests exciting possibilities!

Key Insights:

Liquidity Magnet: A significant cluster of liquidations at $109,933 may attract BTC prices towards this level

Bullish Sentiment Persists: Despite the pullback,

funding rates remain positive (0.005%), indicating that traders are still betting on an upward move

Technical Levels to Watch:

Support: $103,952 (recently bounced off this level)

Resistance: First $105,000, then $106,307

Target: Liquidity zone $109,000

Recent 4-hour charts show that BTC is bouncing between $103,864 and $105,936, confirming this consolidation phase.