$BTC A double top pattern was spotted near $111,794.8 on the 1-hour chart, suggesting potential bearish pressure unless the price breaks above this level.

Key Technical Indicators:

Moving Averages:

50-day SMA: Currently at $102,825, trending upward, indicating a strong intermediate-term trend.

200-day SMA: Rising since early January 2025, now around $91,526, confirming a strong long-term bullish trend.

The price is above both the 50-day and 200-day SMAs, suggesting bulls remain in control. However, the 50-day SMA being above the current price on some timeframes could act as resistance if approached.

Support and Resistance Levels:

Support: Key support levels are at $100,000 (psychological and technical), $95,000, and $90,000. The $100,000 level has held strong recently, with buyers stepping in after a dip to $100,372.

Resistance: Immediate resistance is at $111,600–$111,980 (near the recent ATH). A breakout above $112,000 could target $120,000 or higher by mid-to-late June.

Bullish Scenario: If Bitcoin breaks above $111,980 with strong volume, it could rally toward $120,000–$130,000 by late June, driven by ETF demand and positive market sentiment. Analysts predict a potential high of $137,721 by June 17, a 28.13% increase.

Bearish Scenario: A failure to hold $100,000 could lead to a dip toward $95,000 or $90,000. A bearish MACD crossover or increased geopolitical tensions (e.g., Middle East conflicts) could exacerbate selling pressure.