Bitcoin Holds $100,000 Support Amid Resistance at $106,000, Analysts Warn of Potential Correction

Bitcoin has maintained its position above the critical $100,000 support level since surpassing it on May 8th, marking over three weeks of relative stability. This threshold remains a pivotal point for market participants, with no significant retracement observed recently, underscoring its importance in current price dynamics.

Market strategist Michael van de Poppe highlighted that Bitcoin, currently trading near $104,300, encountered resistance at the $106,000 mark. Following this rejection, a potential short-term decline could occur before renewed upward momentum emerges. The $100,000 support continues to be a crucial level warranting close observation amid these fluctuations.

Technical analyst CrypNuevo shared insights indicating Bitcoin’s inability to convert the $106,000 resistance into a support zone, suggesting a probable retest of the $100,000 psychological level alongside the 150-day moving average. This aligns with broader market patterns signaling cautious sentiment.

AlphaBTC, a prominent market analyst, warned that a breach below the $100,000 support could trigger a deeper correction, potentially driving prices down to $90,000. He further noted that Bitcoin might enter a consolidation phase in early June as traders await critical economic data and the Federal Reserve’s policy decision scheduled for June 18th.