Bitcoin Attempts Historic Weekly Close Above $108,890

Bitcoin is currently attempting a historic weekly close above $108,890, following a rebound from its March lows and a resurgence above the $100,000 mark. This upward momentum is supported by strong buyer activity and sustained investor interest, despite recent volatility. A base is forming near the $108,200 zone, which is crucial for maintaining this upward trend.

According to Crypto analyst Rekt Capital, Bitcoin is trading near a pivotal level, attempting a historic weekly close above $108,890 resistance. The digital asset surged in November 2024, sparking bullish momentum that carried into December. Prices moved from around $72,000 to above $112,000 in just a few weeks. This rally is Bitcoin’s strongest upward move since early 2021. However, the rally cooled down at the start of 2025. In January, Bitcoin began to consolidate near $100,000. February introduced selling pressure, forcing the asset to retreat from its highs. Consequently, March saw a sharp correction, with prices falling to $76,000. This drop represented a 22% decline from February levels.

April initiated a recovery phase. Bitcoin rebounded above $85,000 and held this level for several weeks. The upward momentum continued into May and early June. Bullish candles dominated, helping Bitcoin reclaim above the $100,000 psychological level. Additionally, trading volume supported the reversal, suggesting strong demand at lower price zones. Bitcoin reached a brief high of more than $111,000 during the middle of June. The resistance level at this point proved too strong for the price to maintain. The market displayed profit-taking and uncertainty through a weekly bearish candle pattern. The price maintained its position near $108,200 throughout that period. The cryptocurrency demonstrated recovery signals by attempting to exceed the $108,890 resistance level.

The trading range between $72,000 and $112,000 highlights continued volatility. These large price swings mirror classic crypto cycles of boom and correction. Moreover, market structure shows alternating periods of strong expansion and steep retracement. Currently, Bitcoin is building a base around late-May support, which aligns with mid-June resistance. This confluence zone could determine the next directional move. Besides, sustained engagement from both retail and institutional investors keeps momentum alive.

The latest weekly candlesticks show mixed signals, reflecting indecision near major resistance. However, buyers appear active, preventing deeper pullbacks. Consequently, a close above $108,890 could ignite a fresh rally. The strong buyer activity and investor interest suggest that Bitcoin is poised for further gains, potentially breaking out of its current consolidation phase and reaching new highs. The formation of a base near the $108,200 zone is a positive sign, indicating that the upward momentum is likely to continue. However, the market remains volatile, and investors should be prepared for potential fluctuations. The next directional move will be determined by the confluence zone around late-May support and mid-June resistance, which could either propel Bitcoin to new heights or lead to a correction. Overall, the outlook for Bitcoin remains bullish, with strong demand and investor interest driving its price higher.