Recently, Bitcoin has failed to break through the resistance zone of $106,000. According to Michaël van de Poppe, this level is key to maintaining the bullish momentum. His chart shows that the last Bitcoin rally was quickly rejected after testing the resistance, leading to long liquidations. The price fell to the $104,000-$105,000 zone after the failed breakout.
Ali Martínez noted on X that $104,124 is now an important support level. If it fails, Bitcoin could drop to around $97,405. This aligns with the previous market behavior, where failed resistance tests led to sudden corrections.
In early June, a similar pattern was observed when Bitcoin was rejected at the same resistance level. It retraced towards $100,000, indicating strong overall supply and weak follow-through from the bulls.
Peter Brandt stated: "Fundamentals are always brighter at the highs and darker at the lows." This historical trend suggests that solid fundamentals do not always prevent corrections.
In the previous significant cycle, before the collapse of 2021, Bitcoin's fundamentals were good. Institutional flows, ETF approvals, and low supply on exchange platforms have also contributed to the current optimism of market participants. However, not holding gains close to the highs repeatedly increases the probability of a market reversal.
AetherX Capital, in response to Peter Brandt, argued that the fundamentals are quite bullish, just like the high timeframe charts, making a bearish stance difficult. However, they also admitted that a bearish outcome cannot be ruled out. Their analysis indicates that the price formation is similar to that of the 2021 market in terms of prolonged sideways volatility and failed breakouts.
Some traders remain optimistic thanks to technical signals, unlike Peter Brandt. Trader Tardigrade noted that Bitcoin's 50 and 200-day simple moving averages recently formed a golden cross. This pattern generated gains of 49%, 125%, and 68% in recent years.
According to these patterns, the next price targets for BTC could be between $152,000 and $229,000. However, these gains depend on the market maintaining support levels and not repeating previous declines. If Bitcoin loses the $105,000 support again, it is likely to approach the $100,000 zone again by the end of June.
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