As Bitcoin prices remain flat at around the $105,000 line, analysts say short-term upward momentum is slowing.
On the 3rd (local time), cryptocurrency analysts said that the psychological support level of $100,000 would be a key test,
They warned that a larger price correction could occur in the coming month. Since breaking through the $100,000 mark on May 8, Bitcoin has traded above this level for over three weeks, maintaining support.
But the recent failed attempt to break out above $106,000 has seen the short-term correction trend re-emerge.
"Bitcoin has been clearly rejected at the $106,000 resistance level," de Poppe said, adding that "a test of the lower price range is likely in the short term."
Based on the inter-day chart, the $100,000 level was identified as a key support level. Anonymous analyst CrypNuevo also noted that "Bitcoin has failed to convert the $106,000 resistance into support."
"There is a high possibility that the 100,000 support line will be tested in conjunction with the 150-day exponential moving average (EMA)," said another analyst, AlphaBTC.
"There is a possibility that a further big correction will occur in early June, and the FOMC (Federal Open Market Committee) meeting on the 18th will be held at the same time," he said.
"The market is likely to remain vigilant until the 2021 GAAP meeting and the release of key economic indicators," he added. Meanwhile, Bitcoin was trading at 24.4 on CoinMarketCap (10:45 a.m. Japan time, 4th).
It is trading at $105,560 (about 15.19 million yen), down 0.73% from the previous hour and 3.08% from a week ago.
2025/06/04 12:54 KST
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