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📊 Bitcoin Technical Analysis – June 5, 2025
Bitcoin is currently trading around $105,000, consolidating after reaching a recent high of $112,000. The market is exhibiting signs of cooling momentum, with the price facing resistance near the upper bounds of a critical zone.
Key Observations:
Support Levels: $102,153 and $103,145
Resistance Levels: $110,000 and $112,000
50-Day SMA: At a record high, but the narrowing spread with the spot price indicates waning momentum
On-Chain Activity: Bitcoin's supply on exchanges has dropped below 11%, nearing seven-year lows, suggesting a potential supply shock
Market Sentiment:
Fear & Greed Index: Currently at 62, indicating a state of greed
Leveraged Long Positions: At their weakest since December, which could signal an upcoming rally
Conclusion: Bitcoin's price is in a consolidation phase, with strong support around $102,000. A breakout above $110,000 could pave the way for a move towards $115,000. However, if the price falls below $102,000, it may test lower support levels.
