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Bitcoin Surges 2% in 24 Hours, Eyes $108,000 Resistance

Coin WorldTuesday, Jun 3, 2025 12:18 pm ET

1min read

Bitcoin (BTC) has experienced a notable increase in its price, rising by 2% over the last 24 hours. This upward trend has been observed across all of the top 10 coins, according to CoinStats. The hourly chart indicates that BTC has established a local resistance at $106,692. Given that most of the daily Average True Range (ATR) has been covered, the likelihood of significant price movements by the end of the day is low. However, if the current price levels hold until the bar closes, there is a potential for BTC to test the $108,000 mark the following day.

On a larger time frame, the price of Bitcoin is on an upward trajectory following a false breakout of the support level at $103,621. If this growth continues, traders may see further upward movement towards the $108,000-$110,000 range. From a mid-term perspective, the rate of BTC is heading towards the resistance level of $109,588. If the weekly bar closes at or above this mark, it could signal a new all-time high for the cryptocurrency. At the time of reporting, Bitcoin is trading at $106,570.

According to the analyst's forecast, the price of Bitcoin (BTC) is expected to continue its upward trend, with potential resistance levels at $108,000 and $109,588. If these levels are breached, it could pave the way for a new all-time high. However, it is important to note that market conditions can change rapidly, and these predictions should be taken with caution. Investors and traders should stay informed about the latest developments and adjust their strategies accordingly.

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