$BTC Bitcoin Price Watch: Range-Bound Action Hints at Imminent Move

Bitcoin

The 1-hour chart analysis reveals a consolidation phase for bitcoin between $105,000 and $106,000, suggesting indecision in the immediate market direction. The last peak at $106,000 created a rounded top pattern, hinting at weakening bullish momentum. With support forming at $104,500, a breakout above $106,000 backed by strong bullish volume could ignite a fresh upward leg. Conversely, a price dip to the $104,800 level accompanied by decreasing sell volume might serve as a scalp buy opportunity. An appropriate exit for short-term positions lies near $106,500–$107,000, with stop-loss placements advised below $104,500 to mitigate downside risk.

On the 4-hour chart, bitcoin illustrated a V-shaped recovery after dipping to $100,426, with a series of higher highs and higher lows manifesting since June 6. Despite this bullish structure, resistance at $106,800 has formed, and recent candlestick patterns signal market hesitation near that level. A confirmed breakout above this resistance could validate a long entry, whereas rejection may lead to a pullback toward the $102,500–$103,000 zone. Traders eyeing this time frame should consider entries around $104,500–$105,000 and stagger exits between $107,000–$108,000, maintaining vigilance for false breakouts amid declining volume.

Daily BTC/USD chart data supports a bullish macro trend from late May into early June, peaking at $112,000 before experiencing a corrective retracement. The pullback found stability within the $100,000–$102,000 support zone, which has been tested multiple times. The price is now consolidating near $106,000–$108,000, suggesting a period of accumulation. For swing traders, a return to the $104,000–$105,000 range—especially with a long lower wick or a volume spike—may present a high-probability entry point. Profitable exits could be targeted at $108,000–$110,000, with stops recommended just below $102,000.