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Bitcoin\u2019s recent consolidation above the $104,000 mark may be more than just a pause; it could be the final checkpoint before a new all-time high, according to leading market analyst Rekt Capital.<\/p>\n
As the crypto market braces for a major move, the king cryptocurrency\u2019s ability to hold this critical level could determine whether bulls finally take the wheel or sellers reclaim dominance.<\/p>\n
In a newsletter<\/a> published on June 16, Rekt Capital pointed out that BTC has now spent six consecutive weeks retesting the $104,400 level as support. According to the pseudonymous market watcher, the prolonged retest follows Bitcoin\u2019s breakout from a multi-month \u201cre-accumulation range.\u201d<\/p>\n He reminded investors that BTC took over 240 days to break its post-halving range earlier this year. Holding above $104,400 on weekly closes is paramount: \u201cIt\u2019s difficult to talk about lower prices until the $104,400 level breaks down,\u201d they stated.<\/p>\n Despite \u201cbrutal\u201d sentiment and exhaustion among traders, the actual price pullback from recent highs has been modest at just -10%, representing more of a \u201ctime-based capitulation\u201d rather than a price-driven plunge. In their estimation, failure to hold this level risks a deeper correction.<\/p>\n At the same time, sustained support could pave the way to challenge the final major resistance near $108,890, pushing the asset into what he called \u201cPrice Discovery Uptrend 2.\u201d<\/p>\n \u201cAs long as BTC holds $104400, then it is positioned for upside over time,\u201d declared the analyst.<\/p>\n<\/blockquote>\n Though sluggish, the transition is notable for producing higher lows and diamond-shaped formations, technical signals that often precede strong upward movements.<\/p>\n Even geopolitical jitters caused by the ongoing military conflict between Israel and Iran have failed\u00a0to\u00a0derail<\/a> Bitcoin\u2019s structural support seriously<\/span>, further strengthening its bullish case.<\/p>\n At the time of writing, BTC was trading around $105,569, a 2% drop over the past 24 hours. It also shaved about 3.4% from its value in the last seven days, while maintaining a 60.2% gain across 12 months.<\/p>\n A tightening consolidation near the cryptocurrency\u2019s all-time high of $111,814 could also signal growing tension, with investor Daan Crypto Trades noting<\/a> that the monthly range is \u201cextremely likely\u201d to break in June.<\/p>\n He warned that a \u201clarge move is coming in the next couple of weeks,\u201d even as on-chain data shared<\/a> by Axel Adler Jr. revealed a sustained drop in Coin Days Destroyed (CDD) Momentum below zero, indicating reduced selling pressure from long-term holders. Coupled with a continued decline<\/a> in exchange-held BTC, the setup points toward a market primed for supply shocks.<\/p>\n LIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n<\/div>\n<\/div>\n\n
Market Behavior<\/h2>\n
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