Bitcoin Tests $106,000 Resistance Amid Bullish Pattern

Bitcoin is currently testing the $106,000 neckline of an inverse head and shoulders pattern, a technical formation that is often interpreted as a bullish continuation signal. This pattern suggests that the cryptocurrency may be poised for further upward movement, as buyers appear to be regaining control after a period of consolidation. As of June 15, 2025, Bitcoin is trading at $105,280.10, and on-chain indicators and technical charts support the notion that the asset could continue its upward trajectory if the pattern holds.

According to an analysis by Javon Marks, Bitcoin is forming an inverse head and shoulders continuation pattern, which is typically associated with strong upward momentum. This pattern is seen as a sign that buyers are regaining control following a consolidation phase. The neckline of this pattern is being tested near the $106,000 level. If Bitcoin breaks and holds above this resistance, it could act as a trigger for further upside. According to Crypto Rover, a break above $106,000 could lead to a swift surge toward $120,000.

On-chain data from CoinGlass supports this trend, as none of its 30 bull market top indicators are flashing a peak signal. This suggests that Bitcoin is currently classified as a “hold 100%” asset, indicating sustained bullish pressure in the market. Key indicators such as the Pi Cycle Top, MVRV ratio, and long-term RSI continue to suggest that Bitcoin has more room to grow. This implies that the current cycle remains active and far from peaking.

Glassnode data shows that long-term holders continue to accumulate Bitcoin, even as some coins are being spent. More coins are entering long-term storage, partly due to the role of U.S. spot Bitcoin ETFs, which are seen anchoring supply in institutional custody. The 50-day moving average at $98,000 and the 200-day moving average at $92,000 continue to act as strong support levels. With Bitcoin still holding above the $100,000 mark and volume increasing, the setup around the inverse head and shoulders pattern continues to attract close attention from market participants.