Bitcoin Stabilizes Around $104,000 After Recent Price Dip

Bitcoin experienced a significant price drop on Thursday, falling to below $101,000 due to escalating tensions between US President Donald Trump and Elon Musk. The cryptocurrency had been trading steadily between $104,000 and $106,000 prior to this decline.

Price Range Analysis

In May, Bitcoin rose from approximately $95,000 to nearly $112,000, marking a new all-time high.
Following this peak, the price has corrected, currently stabilizing around $104,000.
As of June's first week, Bitcoin fluctuated around $106,000 before the recent drop.
Currently trades within the $100,000-$106,000 range, with critical support identified at $100,000.
If the price falls below $100,000, further declines could occur, targeting support levels at $95,000 and $85,000.
A break above $106,000 may signal the end of the correction, potentially reaching targets near $120,000.

Current BTC Metrics

Current trading price is $104,650, up by 2.98% in the last day.
Weekly increase of 1.12% and monthly increase of 7.49% indicate bullish market control.
Relative Strength Index (RSI) is at 51.53, suggesting potential recovery towards overbought conditions.
Market cap stands at $2.07 trillion, maintaining Bitcoin's status as the largest cryptocurrency globally.