Bitcoin Clings to $105K, Is a Massive Breakout Just Around the Corner?
After a weekend rebound from a brief plunge near $100,500 triggered by the public fallout between US President Donald Trump and Elon Musk, Bitcoin BTC $106 716 24h volatility: 1.4% Market cap: $2.12 T Vol. 24h: $20.96 B has stabilized around $105,500.
Yet, analysts are cautioning against prematurely celebrating this apparent recovery.
Will Bitcoin Climb Higher?
Technically, Bitcoin has broken out of its recent two-week downtrend and is now approaching the $106,600 resistance level. A daily close above this level could reinforce the bullish narrative. For now, some light rejection at this price zone appears normal, but the market’s structure remains fragile.
Bitcoin has broken its two-week Downtrend (light blue)
Now, Bitcoin is trying to challenge the $106600 resistance (black)
Some light rejection here would be normal
But the goal is for Bitcoin to Daily Close above black for continued bullish bias$BTC #Crypto #Bitcoin https://t.co/mDiZnYvT6N pic.twitter.com/6xmlK5Y3g5
— Rekt Capital (@rektcapital) June 8, 2025
The Fear & Greed Index sits at 55, indicating balanced sentiment and suggesting that the market is in a holding pattern, awaiting a decisive macroeconomic or narrative catalyst.
Institutional Influx Bolsters Support
One of the significant pillars of Bitcoin’s recent resilience has been the growing adoption of corporate Bitcoin treasuries. Notably, Trump Media and Technology Group announced a $2.5 billion BTC treasury initiative, quickly followed by GameStop’s bold move to acquire 4,710 BTC.
💸 Trump Media Plans $2.5B Bitcoin Treasury
$1.5B in equity and $1B in convertibles to fund $BTC reserve, diversifying assets ahead of future initiatives.#TrumpMedia #Bitcoin #CryptoTreasury #DJT #Web3 pic.twitter.com/tu8U9vQqz0
— Coinspeaker (@coinspeaker) May 28, 2025
Strategy and Metaplanet are doubling down, with the former recently announcing a $1 billion perpetual preferred stock offering, partly earmarked for additional BTC purchases.
Technical Indicators Suggest Imminent Volatility
Based on the chart below, it is clear that the on-Balance Volume (OBV) has been flattening out just below 1.84M. While this reflects a pause in aggressive buying, it also signals that selling pressure hasn’t accelerated, an encouraging sign for bulls.
BTC Daily Chart with OBV and BoP | Source: TradingView
The Balance of Power (BoP), however, remains negative (around -0.20), suggesting bears still hold some sway in the short term. Unless BoP starts to tick higher, upward moves could face headwinds.
According to analyst Crypto King, Bitcoin is undergoing a volatility squeeze just below resistance at $107,800. “Price holding higher lows, volumes drying up, and RSI cooling off… If we flip resistance this time, the next stop is $120K,” he said.
$BTC showing Calm Before the Storm.$BTC is compressing just below resistance at $107,800 and it is a classic volatility squeeze only.
If you look at Price holding higher lows. Volumes drying up and the breakout is loading. RSI is also cooling off. If we flip resistance this… pic.twitter.com/FrmCQbVU91
— Crypto King (@CryptoKing4Ever) June 9, 2025
Finally, the Bitcoin price action, compressing just under resistance, hints at an imminent breakout. Given the cooling RSI and drying volume, this could well be the classic setup for a sharp move. The direction will largely depend on whether Bitcoin can clear and hold above the black resistance trendline ($106,600–$107,800).
The post Bitcoin Clings to $105K, Is a Massive Breakout Just Around the Corner? appeared first on Coinspeaker.
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Bitcoin Clings to $105K, Is a Massive Breakout Just Around the Corner?
After a weekend rebound from a brief plunge near $100,500 triggered by the public fallout between US President Donald Trump and Elon Musk, Bitcoin BTC $106 716 24h volatility: 1.4% Market cap: $2.12 T Vol. 24h: $20.96 B has stabilized around $105,500.
Yet, analysts are cautioning against prematurely celebrating this apparent recovery.
Will Bitcoin Climb Higher?
Technically, Bitcoin has broken out of its recent two-week downtrend and is now approaching the $106,600 resistance level. A daily close above this level could reinforce the bullish narrative. For now, some light rejection at this price zone appears normal, but the market’s structure remains fragile.
Bitcoin has broken its two-week Downtrend (light blue)
Now, Bitcoin is trying to challenge the $106600 resistance (black)
Some light rejection here would be normal
But the goal is for Bitcoin to Daily Close above black for continued bullish bias$BTC #Crypto #Bitcoin https://t.co/mDiZnYvT6N pic.twitter.com/6xmlK5Y3g5
— Rekt Capital (@rektcapital) June 8, 2025
The Fear & Greed Index sits at 55, indicating balanced sentiment and suggesting that the market is in a holding pattern, awaiting a decisive macroeconomic or narrative catalyst.
Institutional Influx Bolsters Support
One of the significant pillars of Bitcoin’s recent resilience has been the growing adoption of corporate Bitcoin treasuries. Notably, Trump Media and Technology Group announced a $2.5 billion BTC treasury initiative, quickly followed by GameStop’s bold move to acquire 4,710 BTC.
💸 Trump Media Plans $2.5B Bitcoin Treasury
$1.5B in equity and $1B in convertibles to fund $BTC reserve, diversifying assets ahead of future initiatives.#TrumpMedia #Bitcoin #CryptoTreasury #DJT #Web3 pic.twitter.com/tu8U9vQqz0
— Coinspeaker (@coinspeaker) May 28, 2025
Strategy and Metaplanet are doubling down, with the former recently announcing a $1 billion perpetual preferred stock offering, partly earmarked for additional BTC purchases.
Technical Indicators Suggest Imminent Volatility
Based on the chart below, it is clear that the on-Balance Volume (OBV) has been flattening out just below 1.84M. While this reflects a pause in aggressive buying, it also signals that selling pressure hasn’t accelerated, an encouraging sign for bulls.
BTC Daily Chart with OBV and BoP | Source: TradingView
The Balance of Power (BoP), however, remains negative (around -0.20), suggesting bears still hold some sway in the short term. Unless BoP starts to tick higher, upward moves could face headwinds.
According to analyst Crypto King, Bitcoin is undergoing a volatility squeeze just below resistance at $107,800. “Price holding higher lows, volumes drying up, and RSI cooling off… If we flip resistance this time, the next stop is $120K,” he said.
$BTC showing Calm Before the Storm.$BTC is compressing just below resistance at $107,800 and it is a classic volatility squeeze only.
If you look at Price holding higher lows. Volumes drying up and the breakout is loading. RSI is also cooling off. If we flip resistance this… pic.twitter.com/FrmCQbVU91
— Crypto King (@CryptoKing4Ever) June 9, 2025
Finally, the Bitcoin price action, compressing just under resistance, hints at an imminent breakout. Given the cooling RSI and drying volume, this could well be the classic setup for a sharp move. The direction will largely depend on whether Bitcoin can clear and hold above the black resistance trendline ($106,600–$107,800).
The post Bitcoin Clings to $105K, Is a Massive Breakout Just Around the Corner? appeared first on Coinspeaker.
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