Bitcoin's June Crossroads: Will $108.9K Lead to New Highs or a Pullback?
Bitcoin has recently shown strong upward momentum, but it's now testing a critical resistance level at $108,900. This price point is particularly significant because it aligns with several key technical indicators, including a previous swing high, a major Fibonacci retracement level, and a long-term resistance zone. The market's reaction here will be crucial in determining Bitcoin's next major move.
What's at Stake?
If Bitcoin can decisively break above $108,900 with strong trading volume, it would signal immense bullish strength, potentially paving the way for a surge to new all-time highs. On the other hand, if the price is rejected at this resistance, especially on lower volume, it could trigger a pullback. This might involve a move to "sweep" weekend lows and test a key support zone around $104,000, which is another area of strong liquidity.
Historically, Bitcoin often consolidates at resistance before making a significant directional move, and these consolidations can sometimes involve clearing out liquidity below recent lows. Therefore, watching how Bitcoin behaves around the $108,900 mark is essential, as it will likely set the tone for its performance in the coming days and weeks.