$BTC «The market is ready to break out of the current range»

June 23 was a turning point when Bitcoin made a sharp rebound of 7.92% from a low of $98,200 (June 22) to $106,074. Investors quickly reacted to the decrease in geopolitical risks, using the news of the ceasefire as a buying signal.

From June 24 to June 28, the Bitcoin rate increased by 1.2% — from $106,083 to $107,326. The movement was accompanied by political statements and expectations of a revision of U.S. monetary policy.

From a technical perspective, Bitcoin demonstrated a classic recovery scenario after a sharp fall with subsequent consolidation in the range of $106,000-$108,000. A support zone formed at the level of $106,000-$106,500, where the price remained in a sideways trend for the last two days, providing enough rest for the continuation of the upward movement. The accumulation phase has ended, and the market is ready for attempts to break out of the current range with a target level of $109,200. Ideal conditions have been created for consolidating the price above $109,200 with a subsequent update of the historical maximum of $111,980.