Bitcoin Market Analysis – 23 June 2025
Bitcoin (BTCUSDT) is currently trading at $103,726, showing a strong +4.49% gain in the past 24 hours. The chart displays a descending channel pattern, with BTC bouncing from the lower trendline and now attempting to break above the resistance zone around $104,700.
Key observations:
BTC recently formed a bullish engulfing candle, suggesting a short-term reversal.
The price is trying to reclaim the horizontal support zone (~$101,000–$102,000), which previously acted as a key support level.
If BTC breaks above the upper trendline, we could see a move toward $108,000–$111,000.
A rejection here may push BTC back to test $100,000 or even lower toward the channel bottom at $96,000.
Prediction:
If BTC closes above the descending trendline with strong volume, bullish continuation is likely toward $108K+. Failure to break out may keep it ranging or sliding lower.
Verdict: Watch the breakout level closely – bullish above $104.7K, cautious below.