Market overview
Bitcoin is trading around 105,700 USDT, in a narrow range trend after hitting a low of 103,700 USDT at the beginning of June. The market is in a balance phase between buying and selling pressure, with average trading volume.
Short-term technical analysis
- Important resistance zone: 107,500 USDT (if broken, it could target 117,000 USDT)
- Main support zone: 103,500 USDT (if lost, it could return to a deeper correction zone)
- Levels to watch: 106,500 USDT (needs to break to avoid continued downward momentum)
Market influencing factors
1. Whale activity: Wallets holding over 10,000 BTC have accumulated an additional 151,820 BTC in the past week, accounting for about 71% of the circulating supply.
2. Institutional cash flow: BlackRock has sold some BTC and increased purchases of ETH, reflecting a shift in investment strategy.
3. Macroeconomic Environment: The US stock market achieved its best performance in 30 years in May, creating a positive sentiment for risk assets, but investors remain cautious awaiting the jobs report at the end of the week.
Forecast for the next 24-48 hours
Bitcoin is likely to continue fluctuating within the range of 103,500-107,500 USDT. If it breaks above 107,500 USDT with high volume, BTC could target a new goal at 110,000 USDT. Conversely, if it loses the support zone of 103,500 USDT, the risk of a correction to 100,000 USDT will increase.
Notably, the accumulation activity of 'whales' is quietly occurring in this accumulation phase, which is often a positive sign for medium and long-term trends.
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