Bitcoin remains solid above the opening level of June
Bitcoin has maintained its position above the monthly opening level of June
Fibonacci retracement levels emphasize the importance of the 102k USD support area
Holding steady at the current price level, cryptocurrency investors have shown resilience with Bitcoin [BTC]. Recent reports indicate that the flow of whales and retail into exchanges has slowed down, reflecting a trend towards accumulation rather than profit-taking.
This may be a sign of a long-term accumulation sentiment. However, in the short term, prices may still fluctuate downwards before a positive adjustment occurs. Temporary selling pressure is not yet strong enough to break important support areas.
Source: BTC/USDT on TradingView
Short-term support areas and Fibonacci levels
Fibonacci retracement levels have identified key areas around 102k USD after the fluctuation from 100.3k USD to the peak of 110.5k USD. The 50% and 61.8% levels have been particularly important over the past week, with 104.2k USD being a notable resistance level.
If the price breaks this 61.8% Fibonacci level, it will draw investors' attention to the 102.5k USD area as the next target. Below this level, the 101.5k – 102k USD area becomes a zone for active accumulation, where the price rally in early June began.
Financial indicators and important support levels of Bitcoin
Source: BTC/USDT on TradingView
On the 4-hour chart, the recovery from 100.3k USD to 110.5k USD is used to draw key Fibonacci levels (light purple). The 50% and 61.8% levels have shown technical importance, especially the 104.2k USD.
If the price breaks the Fibonacci 61.8% level, it will pave the way for the target of 102.5k USD. If this area is lost, traders will focus on the support zone in the 101.5k – 102k USD range, which confirms the short-term bottom and prepares for a new rally.
OBV index and short-term price trend
The OBV index on the H4 chart has recently shown overwhelming selling pressure, while the price structure and momentum also depend on the negative trend. This warns of the possibility of continued price declines in the short term.
Source: Glassnode
Bitcoin's MVRV Deviations index shows major support at 102.5k USD, at +0.5σ. If the price remains above this level, it means the market is still in the early growth phase of the bull wave cycle.
The +1.0σ level, approximately 122k USD, is the new local peak to watch, signaling that the market may have entered an overbought phase and will face adjustment pressure in the near future.
Source: https://tintucbitcoin.com/bitcoin-cho-dinh-102k-usd-huong-nao/
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