Thu, 12 Jun 2025 01:15:30 +0000

Bitcoin's recent attempt to breach the $110,000 mark has faltered, raising concerns about the sustainability of its current rally. After initiating a fresh increase above the $107,500 zone, BTC is now facing significant resistance at the $110,500 level, leading to a potential correction of gains. Despite trading comfortably above $107,800 and the 100 hourly Simple Moving Average, a break below a bullish trend line at $109,450 on the hourly BTC/USD chart (Kraken data) indicates underlying weakness. A successful surge past the $110,000 resistance is crucial for Bitcoin to resume its upward trajectory.

Bitcoin Price Action

Following a solid foundation above the $105,500 support, Bitcoin managed to overcome the $106,500 and $108,000 resistance levels, even briefly exceeding $109,200. However, a high of $110,375 marked a turning point, triggering a corrective phase. This pullback breached the 23.6% Fib retracement level the $105,477 swing low to the $110,373 high, coupled with the aforementioned trend line break. Currently, Bitcoin hovers above $107,500 and the 100 hourly SMA. The immediate resistance lies near $109,250, with the pivotal $110,000 mark posing a significant challenge.

Impact on the Crypto Market

Bitcoin's price struggles can send ripples throughout the entire cryptocurrency market. Depending on whether Bitcoin breaks resistance or falls through support, the rest of the market will likely respond in kind. The immediate future of many altcoins depends on Bitcoin's next move.

• Potential for altcoin rallies if Bitcoin breaks resistance and establishes a new support level.
• Increased market volatility as traders react to price fluctuations.
• A period of consolidation for many cryptocurrencies if Bitcoin fails to break above its current resistance.
• Investor sentiment could shift bullish to bearish depending on Bitcoin's performance.

Future Outlook

The future of Bitcoin's price hinges on its ability to overcome the $110,000 resistance. Failure to do so could trigger a further decline, while a successful breakout could pave the way for new highs.

• A close above $110,500 could propel Bitcoin towards $112,000 and potentially $115,000.
• Failure to surpass $110,000 could lead to a decline towards $108,000 or even $105,500.
• Technical indicators suggest a weakening bullish momentum, necessitating a strong push buyers.
• Traders should closely monitor the $110,000 resistance and $108,000 support levels for potential trading opportunities.

In conclusion, the immediate trajectory of the Bitcoin price remains uncertain. Overcoming the $110,000 resistance is critical for sustaining the current Bitcoin rally, while failure to do so could lead to further corrections and a potential shift in market sentiment.