Bitcoin held firm near $105,500 on June 8, signaling that its recent corrective phase may be nearing an end. The move followed a dip to $100,500 on June 5, but BTC/USD has since staged a steady recovery, nearing its weekly open. Bullish Momentum Reappears Popular analyst Rekt Capital noted signs of strength on the daily chart. “On the Daily timeframe, Bitcoin is showcasing signs of breaking its two-week Downtrend… while also turning it into support earlier today,” he said on X. He added that a daily close and retest around $106,600 would solidify a bullish continuation. Other traders, like SuperBro, also pointed to Bitcoin closing above its 10-day simple moving average as a positive sign. That metric, according to SuperBro, helps invalidate bearish scenarios. Liquidity Signals Suggest Imminent Volatility Trader Cas Abbe examined order book liquidity and observed building pressure both above and below spot price. He suggested this setup could lead to a “magnet-style” price move. “BTC liquidation cluster is now signalling an upside move,” he said. Abbe noted that a 10% price increase could liquidate $15.11 billion in shorts, while a 10% drop would impact $9.58 billion in longs. He also pointed to negative funding rates as evidence of mounting short positions. “I think BTC big move is coming next week, possibly pushing it above $109K–$110K,” he predicted. Key Support Levels Remain in Focus Some analysts are still preparing for a possible retest of lower support zones. Trader CrypNuevo said $100,000 remains a strong psychological support. “100k is the strongest psychological support… it’s the area where I’m building some longs with easy invalidation below it,” he explained. Rekt Capital Eyes Weekly Close Importance Rekt Capital also highlighted the importance of Bitcoin holding above $104,400 for a fourth consecutive weekly close. He described the retest following May’s all-time highs as “successful,” adding further weight to bullish sentiment. With market conditions showing renewed strength, all eyes are now on the next move as Bitcoin sits on the edge of a potential breakout.
