Bitcoin Surges 1.87% to $108,329 as Buyers Hold Key Levels

Bitcoin has shown remarkable strength in early June trading, maintaining levels above $108,000. This upward momentum has been driven by consistent buying activity at critical support levels, indicating that buyers are in control. The cryptocurrency's recent breakout past $106,500 has triggered a move toward $108,000, with analysts closely monitoring whether Bitcoin can push through the resistance at $108,900. This level is viewed as crucial for a potential new all-time high.

Technical analysis from Michaël van de Poppe outlines Bitcoin’s surge past $106,500, which triggered a move toward $108,000. According to van de Poppe, the BTC price briefly retested $106,500 before bouncing higher, indicating strong demand. He noted that the $106,000 mark remains vital, and any drop below $105,500 could lead to further selloffs. The chart shared by van de Poppe suggests the market is building momentum. He expects Bitcoin to maintain its trend if support holds. A move above $108,900, he stated, could open the door to a rally toward a new peak.

Other analysts echo similar observations regarding market structure. Daan Crypto Trades highlighted consistent spot bids on Coinbase throughout June. He suggested that institutional buyers, including treasury firms, might be contributing to steady accumulation despite ETF outflows. Daan added that while BTC is moving slowly, each transaction at current levels reduces the available supply. This gradual reduction signals a maturing market where price movements are less erratic than in earlier cycles. Hence, Bitcoin is climbing through heavy supply zones at a steady pace.

The $105,500 to $106,000 region remains pivotal for Bitcoin’s short-term outlook. Losing those levels could trigger liquidations and downward pressure, van de Poppe warned. Conversely, buyers holding these zones could drive another leg up. If the BTC price maintains current levels, traders expect a test of the $108,900 resistance. Breaking that barrier could act as a catalyst for accelerated gains. Market participants are closely watching whether Bitcoin can sustain this breakout pace.

At the time of reporting, Bitcoin trades at $108,329, marking a 1.87% increase in the past 24 hours. Over the last seven days, the BTC price has climbed 3.93%. The 24-hour trading volume stands at $29.3 billion, supporting the current upward trend. Analysts now await Bitcoin’s next move as it approaches a critical resistance level.