Bitcoin tests $106K neckline as inverse head & shoulders pattern hints at bullish continuation.
On-chain data shows no market top signals, supporting further price strength in the current cycle.
Strong support from $98K and $92K levels, with long-term holders steadily increasing positions.
Bitcoin is showing signs of forming an inverse head and shoulders continuation pattern, which technical analysts often associate with bullish momentum. The asset is trading at $105,280.10 as of June 15, 2025. On-chain indicators and technical charts suggest that Bitcoin may continue its upward movement if the pattern holds.
Technical Pattern Suggests Upside Potential
According to analysis prepared by Javon Marks via X, Bitcoin is currently forming an inverse head and shoulders continuation pattern, which typically precedes strong upward movement. This formation is often viewed as a sign that buyers are regaining control following a consolidation phase.
https://twitter.com/JavonTM1/status/1933934622586663286
The neckline of this pattern is being tested near the $106,000 level. If Bitcoin breaks and holds above this resistance, analysts suggest it could act as a trigger for further upside. According to Crypto Rover, who shared a forecast on June 15, a break above $106,000 could lead to a swift surge toward $120,000.
CoinGlass data supports this trend, as none of its 30 bull market top indicators are flashing a peak signal. It currently classifies Bitcoin as a “hold 100%” asset, indicating sustained bullish pressure in the market.
On-Chain and Market Indicators Show Continued Strength
According to an observation by trader Cas Abbe, key indicators such as the Pi Cycle Top, MVRV ratio, and long-term RSI continue to suggest Bitcoin has more room to grow. Abbe stated, “This ain’t the top,” implying that the current cycle remains active and far from peaking.
Glassnode data shows that long-term holders continue accumulating. Even as some coins are being spent, more are entering long-term storage. This behavior is partly due to the role of U.S. spot Bitcoin ETFs, which are seen anchoring supply in institutional custody.
The 50-day moving average at $98,000 and the 200-day moving average at $92,000 continue to act as strong support. With Bitcoin still holding above the $100,000 mark and volume increasing, the setup around the inverse head and shoulders pattern continues to attract close attention from market participants.
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