Bitcoin (CRYPTO: BTC) is holding firm near the $105,000 level, but with momentum fading and money flow lagging, traders are questioning whether the next move will be a breakout or a dip that creates fresh long opportunities.
What Happened: In an updated on his exclusive Patreon page, prominent analyst Kevin emphasized that while crypto saw a strong rebound recently, the focus now shifts to the critical levels ahead.
Bitcoin is currently hovering near the 4-hour 200 SMA and sits just below the macro 1.703 Fibonacci level at $106,800 -- a zone he calls the “turning point.”
He explains that to confirm a bullish bias, Bitcoin must:
- Break through both the 4-hour 200 simple moving average and $106,800 level
- Exit the larger symmetrical triangle pattern with conviction
- Validate what Kevin calls the “First Move Was Wrong” theory, often seen in such structures
“Indicators are flapping into bullish momentum,” Kevin noted, “but without real money flow, it won't hold. We need fresh capital to fuel any sustainable breakout.”
He added that many traders may choose to hedge short at these levels, urging caution over aggression.
Also Read: Bitcoin Quietly Entered A New Era In March: Here’s What’s Really Behind It
What's Next: In a June 24 post, trader XO echoed the sentiment of uncertainty, observing that Bitcoin remains stuck in a defined range, with choppy, reactive price action on both ends. According to XO, the key to upside lies in macro stability.
"If the geopolitical ceasefire holds, especially around Iran-Israel tensions, Bitcoin could push toward $110,000 again," XO predicted.
He pointed to the 12/25 daily EMA bands acting as resistance, with two potential scenarios:
- Bullish: Consolidation or a shallow pullback to $101,000–$102,000 holding as a higher low
- Bearish: Lack of buying interest on dips could lead to a full retrace
XO also hinted that this may be his last round of trades before July, unless a strong setup emerges.
Read Next:
- Bitcoin, Ethereum, XRP, Dogecoin Consolidate After Israel-Iran Ceasefire Rally
Image: Shutterstock
