$BTC

Bitcoin Nears $105K: Bullish Momentum Faces Resistance

As of June 6, 2025, Bitcoin (BTC) is trading around $104,961, reflecting a significant rebound from April lows near $74,000. This surge represents a nearly 40% increase, driven by renewed investor confidence and macroeconomic factors.

Technical analysis indicates strong bullish momentum. The 50-day simple moving average (SMA) has reached a record high, suggesting a positive market outlook. However, the narrowing spread between BTC's price and the 50-day SMA may signal a potential price correction.

Key resistance levels are identified at $107,000 and $112,000, with support around $100,000 and $95,500. Analysts caution that while the breakout is promising, the overbought conditions may lead to short-term corrections.

In summary, Bitcoin's recent performance reflects a strong bullish trend, but investors should be mindful of potential pullbacks due to overbought indicators.