Key points:
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With liquidity higher than spot prices, the Bitcoin price consolidated by about $105,000.
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For the Bulls, a support/resistance of $106,000 is essential, as $100,000 is still a key level.
Bitcoin fell with the wider cryptocurrency market during late Tuesday trading hours, Decline as much as 4% To $103,400 after U.S. President Donald Trump’s comment on the Iran-Israel conflict.
Traders say liquidity is around $103,000, making corrections for areas below $100,000, as liquidity accumulates over $106,000.
Bitcoin price main support is still $100,000
Since then, the price of Bitcoin has successfully exceeded the psychological level of $100,000 Retrieve on May 8. This remains a key level of trader radar, and has not received a convincing retest recently.
Related: Bitcoin downside risk hovers, holding upward hinges over $102K
My Capital Founder Michael Van der Popp spot Bitcoin hovers around $104,400, saying BTC could drop after the $106,000 level is rejected, reducing liquidity between $100,000 and $103,000.
The accompanying chart shows $100,000 The key level of viewing In the four-hour time frame of BTC. Losing this level will allow traders to look for entry positions below $100,000.
Van der Pop additional:
“The second area is under $100,000 and I find it less likely.”
Analyst Crypnuevo shared A chart shows Bitcoin “looks good” as it holds over $100,000 after a successful retest on June 6.
“All we need is the level of support we want to hold and put $106,000 in action to increase the price,” the trader said.
As Report With Cointelegraph, the $100,000 level is an important psychological boundary that, if not held, affects the emotions.
Cleaning cluster pops up $106,000
Several traders will see potential upward liquidity acquisitions, asking for order clusters over $106,000.
Monitor the latest data of resources Small shop Show bids for about $105,000, asking orders clustered between spot prices to $109,000.
The above chart shows that the $70 million order is about $106,500, and the $109,000 to $110,000 cluster is another potentially important liquidity area.
If the $106,000 level is broken, it could trigger a liquidation squeeze, forcing short sellers to close positions and push the price to $110,000, the next major liquidity cluster.
This article does not contain investment advice or advice. Every investment and trading move involves risks and readers should conduct their own research when making decisions.
