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Bitcoin (BTC) tries to reclaim a crucial level as support, which could propel his price to its local reach. A market keeper suggests that this week’s performance can set the tone for the rest of the month.
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Bitcoin again testing look massive rally
After losing the $ 106,800 level last week, Bitcoin tried to reclaim this crucial area as support. This recently lost level served as an important support for BTC after his meeting to a new all -time High (ATH), with his price that hangs between $ 106,800 and $ 109,700 before the market for the market.
However, the flagship Crypto fell more than 8% of its $ 111,980 high in the midst of last week’s withdrawal, and hit a 10-day low point near the support of $ 102,000 in the weekend. This week BTC found the range of $ 105,000 and rose above $ 106,500 before he was rejected on Tuesday morning of the crucial horizontal level.
Despite the recent performance, Bitcoin recorded its highest monthly closing of history, after ending May at $ 104,591, and remains between $ 103,000 and $ 110,000 within its local reach.
Analyst Crypto Jelle noted That because the cryptocurrency tries to reclaim the $ 105,000- $ 106,000 area, the 1,618 Fibonacci level suggests that the next goal of $ 130,000 is.
Besides, he marked The performance of Bitcoin this cycle, pointing out that it shows a similar performance as the Q4 2024 rally. The cryptocurrency in particular registered a trend outbreak, followed by a “Chop after the breakout” before he rose to new highlights.
Jelle suggested that Bitcoin is in the second phase, after he recently assumed his early 2025 -Neerwaart line. He also confirmed that Bitcoin’s strength of 3 (PO3) setup “is still in play” despite the rally break, focused on the level of $ 140,000 $ 150,000 during the price expansion phase of the formation.
Based on this formation, the cryptocurrency only has ‘one last speed bump’, which recovers the previous ATH levels before he rose to a new high.
BTCs direction to be determined soon?
Market Watcher Daan Crypto Trades confirmed That the cryptocurrency will probably have an “interesting” week and month ahead, because its lateral movement has allowed “a lot of positions that are built on both sides.”
According to the trader, this suggests that “there will be a lot of fuel when the price starts to trend and breaks from this local consolidation.”
He previously claimed that BTC tends to set the monthly High of Low in the first week of the month, followed by a reversal in the other direction and a trend for the new month.
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Based on this, he considers That if Bitcoin does not contain the current levels in the coming days, this can fall below $ 100,000, near the $ 98,000 support zone before it bounces.
On the contrary, a considerable price jump this week may indicate a price repair of the range of lows during the rest of the month.
Bitcoin is currently acting at $ 105,889, an increase of 1% in daily period.
Featured image of unsplash.com, graph of TradingView.com