Bitcoin Price Hovers Near $105K as $103K Support Threatens

Bitcoin is trading near $104,900, with $103,000 acting as a significant support level. If Bitcoin falls below this, prices could quickly drop towards $100,000. Global uncertainties and a neutral market sentiment make it critical for bulls to defend the $103,000 level to avoid panic selling and a deeper correction.

Bitcoin (BTC) is currently hovering around $104,900, just below a crucial resistance level. Traders are particularly focused on a tight price range, with a significant bid wall at $103,000 and a liquidity cluster at $105,000. This upper boundary not only represents psychological resistance, but also serves as a magnet for multiple sell orders, which has been stalling upward rallies and posing increased downside risks.

Volume analytics highlight the precarious situation. The Point of Control for June, which has been determined through the Fixed Range Volume Profile, sits right at $103,000. This level aligns with the weekly composite profile, thus marking it as the most traded price point for the month. Should Bitcoin slip beneath this zone convincingly, sellers may quickly drive prices toward the key $100,000 mark, a significant psychological threshold.

Adding to the caution among investors is the current global macroeconomic uncertainty. Ongoing geopolitical tensions coupled with fragile economic growth forecasts have led to decreased market volatility, which in turn discourages substantial directional bets. Meanwhile, the daily Relative Strength Index shows a neutral stance, indicating that neither bulls nor bears have a clear advantage, thus leaving Bitcoin susceptible to a stagnant market or a gradual dip.

In the meantime, a strong bullish catalyst seems necessary for any upward movement. Without some fresh momentum, a drop below $104,000 could turn the $100,000 level from a solid psychological support into a potential trapdoor for panic selling. For the bulls, defending that $103,000 mark is vital in order to maintain the larger upward trend and prevent a more significant price correction.