Market analysts suggest that Bitcoin's current consolidation near $107,000 reflects short-term seller control
Bitcoin (BTC), the flagship digital asset, held firmly above the $106,400 level after briefly dipping to $103,200.
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The flagship cryptocurrency Bitcoin (BTC), which scaled a record high of $111,970.17 last week, plunged to $104,684.72, its lowest level in seven days, on Friday, May 30
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Market analysts suggest that the current consolidation of Bitcoin is short-term as investors are awaiting decisive breakout or breakdown signals
Market analysts believe that Bitcoin has recovered after macro concerns about US-European trade tariffs made it retest support around $106,500
From the technical perspective, analysts believe that Bitcoin now faces resistance at $112,600, with key support moving to $108,700
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Market analysts attribute the rally to a confluence of macroeconomic tailwinds, including easing geopolitical tensions, an improved regulatory environment, and sustained institutional interest
Bitcoin is currently 1.42 per cent lower from its all-time high of $109,114.88, scaled on January 20 of this year
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Bitcoin (BTC), despite reclaiming the $107,068 level buoyed by favorable sentiments, has struggled to hold above it and slipped below the $104,000 mark
Bitcoin's consolidation around the $104,000 level, Riya Sehgal, research analyst at Delta Exchange, said, signals a maturing market showing resilience despite a sharp drop in spot ETF inflows
Among other altcoins, Cardano (ADA) was down 4.18 per cent, Solana (SOL) declined 4.08 per cent, Ripple (XRP) fell 2.18 per cent, and Binance Coin (BNB) dropped 1.7 per cent
The $100K mark, analysts said, remains a critical psychological and liquidation level, with over $3.4 billion in long positions exposed to downside risk if selling pressure continues