Bitcoin below $100K now ‘less likely’ as BTC price eyes liquidity at $106K

4 hours ago

Key takeaways:

Bitcoin terms consolidates astir $105,000 arsenic liquidity builds up supra the spot price.
A support/resistance flip astatine $106,00 is simply a indispensable for the bulls arsenic $100,000 remains a cardinal level.

Bitcoin fell alongside the broader crypto marketplace during the precocious New York trading hours connected June 17, dropping by arsenic overmuch arsenic 4% to $103,400 aft US President Donald Trump’s comments connected the Iran-Israel conflict.

After tapping the liquidity astir $103,000, traders accidental a correction to areas beneath $100,000 is improbable arsenic liquidity builds up supra $106,000.

Bitcoin terms cardinal enactment remains astatine $100K

Bitcoin’s terms has held successfully supra the $100,000 intelligence level since reclaiming it connected May 8. This has remained a captious level connected traders’ radars and has not received a convincing retest recently.

MN Capital laminitis Michael van de Poppe spotted Bitcoin hovering astatine $104,400, saying that aft being rejected from the $106,000 level, BTC whitethorn driblet little to instrumentality the liquidity lying betwixt $100,000 and $103,000.

An accompanying illustration shows $100,000 arsenic the key level to watch connected BTC’s four-hour clip frame. Losing this level would spot traders look for introduction positions beneath $100,000.

Van de Poppe added:

“The 2nd portion is sub-$100K, which I find little likely.”

Pseudonymous expert CrypNuevo shared a illustration showing Bitcoin “looking good” arsenic it holds supra the $100,000 aft successfully retesting it connected June 6.

“All we request is this enactment level to hold, and to flip $106,000 into enactment to propulsion the terms higher,” the trader said.

As reported by Cointelegraph, the $100,000 level is an important intelligence bound with implications for sentiment should it neglect to hold.

Liquidation clusters popular up supra $106,000

Several traders oculus a imaginable upside liquidity drawback with inquire orders clustering supra $106,000.

The latest information from monitoring assets CoinGlass showed terms eating distant bids astir $105,000, with ask-orders clustering betwixt the spot terms and $109,000.

The illustration supra shows inquire orders worthy $70 cardinal gathering up astir $106,500, with the $109,000-$110,000 clump being different perchance important liquidity area.

If the $106,000 level is broken, it could spark a liquidation squeeze, forcing abbreviated sellers to adjacent positions and driving prices toward $110,000, which is the adjacent large liquidity cluster.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

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