Bitcoin faces crucial resistance at $106K, with traders watching $100K as a possible accumulation zone amid sharp market reversals.
The $103K–$100.5K range emerges as a strategic buy zone as BTC volatility intensifies and long-side liquidity continues to flush.
Historical halving cycles suggest Bitcoin may still see a major rally, with the 2024 cycle tracking early gains near $74K after 50 days.
Bitcoin’s recent price action has kept traders alert as the asset struggles to hold key resistance levels. According to Michaël van de Poppe, BTC failed to sustain gains above $106,000 and quickly reversed. The sharp drop took out long-side liquidity and triggered a volatile cascade. Bitcoin bounced but faced immediate rejection near $106,329, a critical resistance level. Consequently, traders now focus on two key scenarios—either a fall below $100,000 or a stabilization above $102,500.
Source: Michael van de Poppe
The 4-hour chart shows clear rejection zones. The market peaked at $110,545 before reversing on high volume. This liquidity grab marked the top, followed by a steep fall. The decline found temporary support near $104,000, highlighting increased downside pressure. Moreover, the $103,000–$100,500 region presents a solid spot buying zone. Buyers previously stepped in at this level, making it a potential bounce area again. Significantly, price action below $100,000 could trigger a strong accumulation phase.
Key Resistance Blocks BTC’s Path Forward
Bitcoin’s structure shows repeated failures at $106,000. This area has become a magnet for sell orders, supporting short-term resistance. The RSI recently signaled overbought conditions near $110,000. Afterward, momentum weakened, aligning with the market’s sharp reversal. Additionally, price remains within a $100,000–$110,545 range. Any break outside this range could trigger sharp directional moves. The market structure favors volatility traders, but trend-followers remain cautious until BTC reclaims $106,329.
Volume spikes also indicate institutional positioning near key levels. An earlier breakout on June 6 saw explosive buying above $106,500. That surge reached $108,924 before bulls ran out of steam. Hence, traders view this level as another resistance to watch closely.
Halving Cycle Hints at Potential Upside
Besides technical patterns, Bitcoin’s historical halving behavior continues to guide long-term outlooks. Coinvo highlights that past cycles show consistent rallies post-halving. In 2012, 2016, and 2020, Bitcoin surged between 400 and 600 days after each halving.
Source: Coinvo
Moreover, each cycle had diminishing percentage gains as the asset matured. However, they still followed similar timing patterns. The 2024 halving began with Bitcoin near $64,000. Now, prices hover around $74,000 within the first 50 days.
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