Analysis BTC/USDT: Overcoming the psychological barrier at 106,000 USDT
Current Situation
Bitcoin recently surpassed an important psychological barrier at 106,000 USDT, showing positive dynamics with a daily increase of about 0.37-0.52%. The current price hovers around 105,856 USDT according to the latest data, after hitting an intraday high above 106,000 USDT.
Key Growth Factors
* Institutional Interest: Microstrategy continues to be a major player in the market with a market capitalization of $104 billion, trading at a 70% premium to the net value of Bitcoin
* ETF Activity: Despite analysts' forecasts of a decline in Microstrategy's premium, the company remains competitive compared to Bitcoin ETFs
* Legislative Events: The U.S. House of Representatives is preparing to consider a bill on the cryptocurrency market structure on June 10, which could affect further dynamics
Technical Picture
In the last 24 hours, Bitcoin has shown consolidation in the range of 105,000-106,000 USDT with increased trading volumes during the breakout of key levels. Short-term support is forming at the level of 105,400 USDT, while resistance is around the recently reached high of about 106,000 USDT.
I may be wrong somewhere, but I am an artist, I see it this way)