Bears Take Control Over Bitcoin Buyers — Why $94,000 Could Be the Key Level to Watch

In recent days, Bitcoin's price action has remained relatively stagnant.

Although the price surged to nearly $108,000 earlier this week, it has mostly traded in a narrow range between $103,000 and $106,000.

Despite holding above the psychological barrier of $100,000 since early May, Bitcoin has failed to build enough momentum to push higher.

Fresh on-chain data sheds light on Bitcoin's current consolidation and what it may signal for the coming weeks.

On June 21, on-chain analyst Burak Kesici posted on social media platform X, predicting that Bitcoin may drop in the short term to somewhere between $93,000 and $94,000.

This forecast is backed by several technical indicators, one of which is the Fixed Range Volume Profile (FRVP) Intensive Swap Level near $95,000, which acts as a strong resistance zone.

If the price breaks below this level, it could trigger increased selling pressure in the market.

Another key level is the 50-day Simple Moving Average (SMA50) — currently around $105,000 — which serves as an important indicator for short-term trends. If Bitcoin closes below this level, it may confirm a bearish move.

The Relative Strength Index (RSI) also supports this bearish sentiment. It remains below 50 and under the 14-day SMA, showing weakening buying pressure. The formation of lower lows on the RSI further signals sellers’ dominance.

Burak explains why $94,000 is a crucial level — the FRVP’s Value Area Low (VAL) lies between $93,000 and $94,000, potentially serving as a strong support zone where a short-term rebound could take place.

Additionally, the 200-day Simple Moving Average (SMA200) is also close to $95,000, reinforcing the importance of this area in technical analysis.

As Bitcoin pulls back, Burak advises investors to watch closely for buying opportunities around the $93,000–$94,000 support zone.

At the time of writing, Bitcoin is trading at approximately $BTC