In order to prevent a further crash, Bitcoin needs to recover the $106,000 resistance. Bitcoin may have reached a market peak around $111,970 and is likely to experience another price decline in the coming weeks if it is rejected at this level.
Given additional factors, such as the fact that the Bitcoin spot ETFs saw a negative net inflow on May 29 for the first time in more than ten trading days, the likelihood of this bearish scenario is quite strong.
With price forecasts ranging from $100,000 to $102,000, some market analysts have expressed their opinion that there may be overwhelming bearish pressure, while others think the leading cryptocurrency may experience a significant price collapse in line with the crypto market cycle.
