Bitcoin Holds $105K, Traders Eye $100K Support Amid Correction Fears

HomeNews* Bitcoin Price is consolidating close to $105,000 as liquidity builds on either side of its current level.

• Analysts see $100,000 as a critical support level if the price continues to pull back.
• Resistance near $106,000 has held, with multiple traders warning of a possible decline to $90,000 if $100,000 fails.
• Large liquidation zones are building around $100,000 and $93,200, suggesting strong activity at these levels.
• Bitcoin trades about 6% below its all-time high of $111,900, with a possible period of sideways movement expected in June. Bitcoin is trading near $105,000 after failing to move past resistance at $106,000. The price has held above $100,000 for over three weeks, and many traders are now watching this level closely as a potential point of support.

• Advertisement - The digital asset is currently about 6% lower than its all-time high of $111,900. According to data, significant bid orders are accumulating just below the spot price and around $100,000, drawing the attention of investors and analysts.

Michael van de Poppe, founder of MN Capital, highlighted that Bitcoin hit $104,300 before being rejected at $106,000, suggesting the price may fall before any upward move. He stated, “Clear rejection on #Bitcoin implying that we’re going to see lower prices before we see upwards momentum.” Analyst CrypNuevo also pointed to Bitcoin’s failure to convert $106,000 into support, with a likelihood of testing the “psychological level” of $100,000. Another analyst, AlphaBTC, warned of a deeper correction, saying, “$BTC is likely to go sideways for some time as this larger correction plays out in the first weeks of June, waiting for more hard data and the FOMC on June 18.”

If Bitcoin loses support at $100,000, some predict a further drop potentially as low as $90,000. CoinGlass data indicates $170 million in liquidity near $93,200, while upward, the next major area of buying interest sits between $112,500 and $113,500. AlphaBTC noted, “There is significant liquidity in both directions, with a more concentrated build up below the lows of the last few days.”

Market watchers are also considering the impact of outside events, such as the upcoming Federal Open Market Committee (FOMC) meeting on June 18. According to CoinGlass and other sources, liquidity is stacked at key levels, raising expectations of volatile moves if $100,000 is challenged.

Analysts advise caution, as every investment and trading decision involves risk, and readers should conduct their research before acting.

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