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Bitcoin (BTC) is trying to recover a crucial level as a support, which could push its price to its maximum of its local range. A market observer suggests that the performance of this week could give the tone for the rest of the month.
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Bitcoin Retest Eyes Enight Rally
After losing the level of $ 106,800 last week, Bitcoin tried to claim this crucial area as a support. This recently lost level was a key support for BTC after its rally to a new maximum of all time (ATH), with its price between $ 106,800 and $ 109,700 before retracting the market.
However, the top cryptocurrency dropped by over 8% from its height of $ 111,980 in the middle of last week’s pullback, touching a minimum of 10 days close to the support of $ 102,000 during the weekend. This week, BTC recovered the $ 105,000 interval and passed the score of $ 106,500 before being rejected by the crucial horizontal level on Tuesday morning.
Despite recent performances, Bitcoin has recorded its highest monthly closure in history, after completing $ 104,591 in May and remains in the local range between $ 103,000 and $ 110,000.
The Analyst Crypto Jelle observed that while the cryptocurrency tries to recover the $ 105,000- $ 106,000 area, the level of Fibonacci 1.618 suggests that the next goal is around the $ 130,000 barrier.
In addition, he highlighted Bitcoin’s performance in this cycle, stressing that he is showing a performance similar to his Q4 2024 rally. In particular, the cryptocurrency recorded a trendy breakout, followed by a “post-transcture cut” before going up to new tops.
Jelle suggested that Bitcoin is in the second phase, after recently bursting its first trend line of 2025. He also said that the power of 3 (Po3) of Bitcoin is “still at stake” despite the rally break, aiming at the level of $ 140,000- $ 150,000 during the expansion phase of the training prices.
On the basis of this formation, the cryptocurrency has only “one last speed”, claiming the previous levels of ATH, before climbing a new maximum.
Should BTC management be determined early?
The Watcher Market Daan Crypto Trade said that the cryptocurrency will probably have a “interesting” month and a month, since its lateral move has allowed “a lot of positions that have accumulated on both sides”.
According to the trader, this suggests that there will be “very fuel when the price starts to make trend and come out of this local consolidation”.
Previously, he said BTC tends to set the monthly at the top or low during the first week of the month, followed by an inversion in the opposite direction and a continuation of the trend until the new month.
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On the basis of this, it believes that if Bitcoin does not hold the current levels in the coming days, it could drop below the $ 100,000 sign, near the support area of $ 98,000, before bouncing.
On the contrary, a significant price jump this week could indicate a ranks receipt test during the rest of the month.
At the time of writing this document, Bitcoin is exchanged at $ 105,889, an increase of 1% of the daily times.
In the foreground image from Usplash.com, graphic designer from tradingview.com