#Bitcoin ( $BTC ) continues to trade above the psychological level of $100,000, currently maintaining stability above $105,000. The largest in the world crypto.....

Bitcoin (BTC) continues to trade above the psychological level of $100,000, currently maintaining stability above $105,000. The largest cryptocurrency in the world BTC/USD faces some technical resistance, mining issues, and increasing institutional adoption, which may determine its next major price movement.

Mining difficulty is decreasing from record highs amid consolidation in the industry

The Bitcoin mining environment has slightly eased this week, as mining difficulty decreased from a historic high of 126.9 trillion on May 31 to around 126.4 trillion. This slight decline occurs at the same time miners are still facing significant economic stress following the reward halving event in April 2024, which reduced block rewards and made profitability harder to achieve.

Even when times are tough, some publicly traded mining companies are going against the trend, expanding their operations and employing Bitcoin holding strategies. MARA Holdings has demonstrated impressive strength, increasing its BTC production by 35% in May, mining 950 Bitcoins and raising its corporate assets to 49,179 BTC. The company's 'zero sale' policy shows that the industry is moving towards holding Bitcoin as a strategic asset rather than immediately selling mined coins to cover expenses.

CleanSpark also performed well, mining 694 BTC in May, which is a 9% increase compared to the previous month. Its hash rate also rose to 45.6 exahashes per second. These changes suggest that mining companies with significant capital are gearing up for long-term growth, although they face short-term challenges.

Institutional appetite for BTC remains strong despite geopolitical tensions

MicroStrategy's current strategy of acquiring more Bitcoins shows that institutions still believe in its long-term prospects. The corporation recently purchased 1,045 BTC for nearly $110 million, increasing its total assets to 582,000 BTC. This means it has gained over $20 billion in unrealized profits. CEO Michael Saylor's intentions for further acquisitions indicate that institutions remain committed to the company despite tensions in the Middle East and market uncertainty.

This week, Bitcoin ETFs received inflows of over $1.3 billion over five consecutive days, reinforcing the narrative of institutional demand. This steady flow of capital occurred despite rising tensions between Israel and Iran, which typically drives investors to seek safer investments. The cryptocurrency fear and greed index at 60 indicates that people in the market are 'greedy', meaning that investors still hope for Bitcoin's short-term future.

Technical analysis of BTC/USD: Key resistance levels to watch

Bitcoin is at a key point from a technical perspective, as it trades around the 50-day simple moving average at $103,604. The cryptocurrency struggles to maintain its momentum above the 20-day exponential moving average at $106,028, indicating that buyers are reluctant to pay more.

A golden cross occurs when the 50-day simple moving average crosses above the 200-day simple moving average. In the past, this led to significant rallies, with gains of 49%, 125%, and 68% in the past. However, the 20-day EMA is flat, and the RSI is neutral, indicating that the market does not seem to have a distinct direction.

$110,530 to $111,980 are the main resistance levels. If the price breaks above these levels, it could rise to $130,000. On the other hand, if the price fails to stay above the 50-day SMA, it may threaten the important psychological support level at $100,000, and the possibility of a decline could reach $93,000.