- Bitcoin clings to $104K as bulls defend the 21-day EMA; loss of this zone may trigger a sharp drop toward $ 90 K.
- CME gap near $92K could act as a short-term magnet if $104K breaks, though long-term structure remains bullish.
- Analysts eye June 5 for a potential short squeeze, with breakout targets stretching as high as $ 200 K.
Bitcoin trades near $104,000 as bulls defend key support zones while bearish scenarios suggest a possible retracement. With institutional inflows and technical patterns clashing, the next move may define momentum through June.
Key Fibonacci Levels and Volume Clusters Shape the Range
Bitcoin’s current price action hovers just under the $105K mark, struggling to break through short-term resistance. Daily charts reveal a tightening structure between bullish momentum and looming pullback zones. Strategic accumulation by firms like Metaplanet and MicroStrategy continues in the background, signaling confidence during this consolidation.
Recent activity aligns with patterns historically associated with sustained moves. One analysis highlights a must-hold region above $104,674, aligning with the 21-day EMA and Fibonacci 0.888. This level historically signals bullish continuation when held. If broken, downside targets shift to $90,267, corresponding with the 0.618 Fib zone.
A deeper wick toward $86,000 may fill the 0.5 zone, but such a move is expected to be temporary. The analysis also identifies a white ascending trendline anchoring Bitcoin’s long-term uptrend. Projected Fibonacci extensions place upside milestones at $119,622, $133,442, and $177,954, with volume confirmation needed for breakout validation.
Another Perspective Highlights Gaps and Support Zones
Another perspective offers a comparative view, balancing short-term resistance with deeper liquidity gaps and foundational support. It suggests that even if Bitcoin retraces to $90,000, the overall structure would remain bullish. This approach focuses on layered zones that may guide the next phase of price action.
Early signals are hinting at potential movement beyond recent trends. A notable CME gap between $92,525 and $91,945 remains unfilled, potentially acting as a short-term magnet during volatility. Mid-level support appears near $96,829, marked as a likely bounce area. Additional support clusters sit below at $82,550 (monthly), $78,424 (weekly), and $76,322 (daily), offering a multi-timeframe safety net. Visual cues outline resistance from $105,573 to $110,000, while short-term consolidation under $104K reflects ongoing indecision.
Sentiment and Speculation Flood Analyst Feeds on X
Conversations in the space reflect increased anticipation around market developments. Some market watchers highlight this moment as a possible catalyst for change. A short squeeze is projected to begin on June 5, with targets ranging from $120,000 to $200,000.
Forecasts now lean toward a continuation of upward trends in the near term. Others remain cautious, calling $97,000 a must-hold level and suggesting $102,000 as an ideal bounce zone. Strategic patience is evident as participants await clearer signals. Traders show interest in short positions between $107K and $108K, while broader sentiment leans bullish into mid-June.
