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Bitcoin (BTC) tries to recover a crucial level as a support, which could propel its price to its high local range. A market observer suggests that this week’s performance could set the tone for the rest of the month.
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Bitcoin Rets Solid Eyes Rallye
After losing the level of $ 106,800 last week, Bitcoin tried to to recover This crucial area as a support. This recently lost level served as a key BTC support after its rally at a new summit of all time (ATH), its price oscillating between $ 106,800 and $ 109,700 before the retrace of the market.
However, the flagship crypto dropped by more than 8% compared to its $ 111,980 in the middle of last week’s decline, reaching a lower 10 days of $ 102,000 this weekend. This week, BTC recovered the fork of $ 105,000 and jumped above the $ 106,500 mark before being rejected from the crucial horizontal level on Tuesday morning.
Despite recent performances, Bitcoin recorded its highest monthly fence in history, after finishing May at $ 104,591, and remains In its local range between $ 103,000 and $ 110,000.
Crypto jelle analyst note That, while cryptocurrency tries to recover the area from $ 105,000 to $ 106,000, the Fibonacci level of 1.618 suggests that the following lens is around the barrier of $ 130,000.
In addition, he highlighted Bitcoin’s performance this cycle, stressing that it displays a performance similar to its Q4 2024 rally. In particular, cryptocurrency recorded a trend rupture, followed by a “post-row rib” before moving on to new heights.
Jelle suggested that Bitcoin is in the second stage, after recently erupting his drop -down line at the beginning of 2025. He also said that Bitcoin’s 3 (PO3) configuration is “still at stake” despite the rally break, targeting the level of $ 140,000 to $ 150,000 during the expansion phase of the training prices.
Based on this training, the cryptocurrency has only “a last idle bump”, recovering the previous ATH levels, before going to a new summit.
BTC management to be determined soon?
Market Watcher Daan Crypto Trades assertive That cryptocurrency will probably have a “interesting” week and month in advance, because its movement laterally allowed “a ton of positions that have accumulated on both sides”.
According to the merchant, this suggests that there will be “a lot of fuel when the price will start to tend and leave this local consolidation”.
Previously, he said that BTC tends to adjust the upper or bottom monthly during the first week of the month, followed by a reversal in the other direction and a continuation of trend until the new month.
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Based on this, he consider That if Bitcoin does not hold the current levels in the coming days, it could drop below the $ 100,000 mark, near the support area of $ 98,000, before rebounding.
On the contrary, a significant price leap this week could indicate a price retetest of the range of stockings for the rest of the month.
When writing these lines, Bitcoin is negotiated at $ 105,889, an increase of 1% of the daily period.
Star image of Unsplash.com, tradingView.com graphic
