After a swift rebound from sub-$100K levels, Bitcoin$BTC is now trading at $107,632, hovering just below a major resistance zone between $109K and $110K. This barrier aligns with January’s high and key Fibonacci levels, making it both a psychological and technical test for the market.
The current sideways movement between $106,500–$107,000 suggests a buildup of momentum. Traders are watching closely as a potential cup-and-handle formation hints at a breakout rally toward $114K, provided price clears resistance with convincing volume.
Why This Matters:
Golden cross formation keeps bullish hopes alive despite low trading volume.
$20 billion options expiry on June 28 could inject serious volatility.
ETF inflows and positive regulatory news in Asia are giving Bitcoin fundamental support.
On-chain data shows reduced selling pressure, hinting at stronger hands holding.
Pro Trading Tip:
Watch for volume spikes above $109K. A confirmed breakout may lead to the $114,896 Fibonacci target. If rejection occurs, prepare for a pullback toward $106,500. Keep risk tight — especially with the market showing a 42:1 long-short imbalance.
Despite historical June volatility, market sentiment remains cautiously bullish, with institutional players treading carefully.
📣 What do you think? Is Bitcoin gearing up for a breakout or another fakeout?
Drop your thoughts in the comments below — let’s discuss!