Bitcoin Attempts to Reclaim $106,800 Support Amid Market Watch
Bitcoin (BTC) is attempting to reclaim the $106,800 support level, which may lead to a price increase towards its local range high. This week's performance is crucial for setting the month’s trend.
Bitcoin Retest Eyes Massive Rally
- After losing $106,800 last week, Bitcoin is working to regain this level.
- The recent high was $111,980, followed by an 8% drop to around $102,000.
- Currently, BTC has recovered to the $105,000 range and surpassed $106,500.
- May ended with Bitcoin's highest monthly close at $104,591.
- Analyst Crypto Jelle noted a potential target of $130,000 based on Fibonacci analysis.
- Bitcoin shows a performance pattern similar to its Q4 2024 rally.
- Jelle indicated that Bitcoin is in a second stage after breaking out of an early 2025 downtrend.
- Target levels during the expansion phase are between $140,000 and $150,000.
- One challenge remains: reclaiming previous ATH levels before reaching new highs.
BTC’s Direction To Be Determined Soon?
- Daan Crypto Trades expects an active week for Bitcoin, with consolidation creating potential breakout opportunities.
- If BTC fails to hold current levels, it may drop below $100,000, near $98,000.
- A significant price increase could indicate a retest of lower ranges for the remainder of the month.
As of now, Bitcoin is trading at $105,889, reflecting a 1% daily increase.
