As of June 6, 2025, the cryptocurrency market is experiencing a phase of consolidation following recent highs. Here's a detailed technical analysis
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📊 Bitcoin (BTC)
Current Price: $103,670
24h Change: -1.08%
Intraday Range: $100,781 – $105,888
Bitcoin has pulled back approximately 7% from its all-time high of $111,980, currently trading within a consolidation range between $103,750 and $106,750. This correction is viewed as a healthy adjustment after a rapid ascent. The 50-day moving average has reached a record high, but the narrowing spread between the spot price and this average indicates waning momentum. Analysts suggest that a decisive break above $108,300 is necessary to regain bullish momentum.
📈 Ethereum (ETH)
Current Price: $2,469.90
24h Change: -5.28%
Intraday Range: $2,408.52 – $2,634.75
Ethereum has recently broken below its 50-day Exponential Moving Average (EMA), indicating increased bearish pressure. Despite this, the broader outlook remains cautiously optimistic, with analysts projecting a potential rise to $2,658.79 by June 11, 2025. Key resistance levels to watch are $2,540 and $2,700; a sustained move above these could signal a bullish reversal.
🔍 Other Major Cryptocurrencies
BNB: Trading at $644.08, down 3.80% over the past 24 hours.
XRP: Currently at $2.15, experiencing a 2.27% decline in the same period.
Cardano (ADA): Priced at $0.643, down 5.42% over 24 hours.
These cryptocurrencies are also experiencing downward pressure, reflecting the broader market consolidation.
🧭 Market Outlook
The current market conditions suggest a period of consolidation following significant rallies. Investors are advised to monitor key support and resistance levels closely. For Bitcoin, a break above $108,300 could reignite bullish momentum, while Ethereum needs to reclaim the $2,540 level to shift the short-term trend. Caution is warranted, and employing risk management strategies is essential during this phase.