Bitcoin's Price Hovers Near $108,386 Key Level Amid Volatile Market Sentiment

Bitcoin's price movement has been a focal point for traders, with key levels near $108,000 being closely watched. The current range high, approximately $108,386, is seen as a crucial threshold for bullish momentum. If Bitcoin can maintain its position above this level, analysts predict a continuation of the uptrend. Conversely, a failure to hold above this range could result in a retreat toward the mid-range zone at around $99,638, with a deeper correction potentially targeting the range low near $89,250.

The broader market sentiment remains volatile, influenced by global headlines and macroeconomic events. Positive developments, such as favorable economic reports, have had limited impact on Bitcoin's price, which some traders view as a potential warning sign. The monthly Relative Strength Index (RSI) for Bitcoin is now entering overbought territory, a phase historically associated with the final stretch of a bull run. This phase is often characterized by rapid price movements and potential surges in altcoins as capital rotates across the market.

Despite the overbought RSI, traders are focused on the upside potential of the current cycle. The next few months are expected to bring notable volatility and possible new highs. Analysts are closely monitoring external factors, including geopolitical tensions and shifting investor behavior, which could influence Bitcoin's price movements. With June being a critical month, the price movements above or below the key range could define the next major trend for Bitcoin.