Bitcoin Market Update: Consolidation Near $105K
Key Developments
- **Price Action**: Bitcoin is currently trading at approximately **$105,544** after a period of consolidation, down slightly from yesterday's $106,000+ levels.
- **Market Structure**: BTC has been trading in a tight range between $105,300-$105,700 over the past few hours, showing decreased volatility compared to earlier sessions.
- **ETF Flows Concern**: BlackRock's Bitcoin ETF recorded its first-ever zero net inflow day on June 5th, while other Bitcoin ETFs saw significant outflows totaling $278.44 million, potentially signaling institutional caution.
- **Macro Factors**: May U.S. non-farm payrolls came in at 139,000 jobs (above the expected 126,000 but below April's 177,000), causing brief market volatility but ultimately supporting Bitcoin's price above $104,000.
- **Market Sentiment**: Despite some downward pressure, Bitcoin has maintained strong support above the psychologically important $100,000 level, suggesting underlying buyer confidence despite recent turbulence.
Technical Outlook
Bitcoin appears to be in a consolidation phase after reaching recent highs above $106,000. The hourly chart shows decreasing trading volume during this sideways movement, often a precursor to a significant price move. The key support level to watch is $105,000, while resistance sits around the $106,300 area that was tested multiple times in the last 24 hours.
