Bitcoin Stabilizes at $104,000 Mid-Range as Market Awaits Next Breakout

Bitcoin’s price recently dipped below $101,000 due to tensions between Elon Musk and Donald Trump but has since rebounded to around $104,000. Analysts suggest a critical price range for the cryptocurrency is between $100,000 and $106,000, with potential price targets depending on whether it breaks these levels. The overall market sentiment appears bullish as Bitcoin maintains a strong market cap.

Bitcoin experienced significant fluctuations recently, mostly tied to the public dispute between US President Donald Trump and billionaire Elon Musk. The cryptocurrency had been trading steadily within the $104,000 to $106,000 range until it suddenly dropped below $101,000. This drop coincided with the rising tensions between Trump and Musk, who expressed their grievances via their social media outlets, X (formerly Twitter) and Truth Social. However, Bitcoin has shown resilience, crawling back up to about $104,000.

A crucial question now is whether Bitcoin can maintain its stability or push higher, particularly beyond the $106,000 mark or if it will slip below $100,000 again. May was a notably bullish month for Bitcoin, with its price rallying from around $95,000 to nearly $112,000. But since that peak, analysts have observed a pullback, with prices settling near $104,000 by the month’s end. The early days of June saw Bitcoin hovering around $106,000 before its recent slip, leaving the cryptocurrency now in a tight range between $100,000 and $106,000.

According to market analyst Crypto Daan, should Bitcoin dip below $100,000, the correction could prolong, enduring an additional one to two weeks. Based on previous upward momentum, he indicated potential support levels could be found around $95,000 and $85,000. Conversely, if bullish sentiment prevails and the price reclaims the previous high of $106,000, Daan suggests this could signify that the market correction has ended, possibly pushing Bitcoin towards fresh price targets, potentially around $120,000.

Currently, Bitcoin is trading at $104,650, showing a daily increase of 2.98%. Through wider analysis, it’s up 1.12% on a weekly basis and 7.49% monthly. This indicates that the market remains under bullish control. Additionally, the Relative Strength Index sits at 51.53, trending upwards, hinting that Bitcoin’s correction phase might be behind it, and it could be heading back towards the overbought territory above 70. With a market cap of $2.07 trillion, Bitcoin holds its position as the leading cryptocurrency, and impressively, the fifth largest asset globally.