Bitcoin Faces Key Levels; Bullish Scenario Needs Confirmation

The daily analysis of Bitcoin indicates that the initial target for this week at the 20-day moving average and the daily Fair Value Gap (FVG) around 106,500 has been achieved. Currently, Bitcoin is attempting to settle above the May closing level at 104,544, which also coincides with the developing quarterly Value Area High (VAH) according to VWAP, adding to its significance. The overall trend remains bullish on weekly and monthly timeframes, but a pullback to the 98,000–100,000 zone would be preferable before resuming growth, mainly due to the previous dip lacking substantial volume. There is potential for Bitcoin to bounce within the 107,800–108,200 range, just below the 2024 highs, which would strengthen a bullish outlook. Nonetheless, a close above approximately 109,400 is essential to invalidate the correction scenario. The last few days could be part of a dead-cat bounce, and if the downward momentum continues, it may break below 102,800 and seek further liquidity levels. Key levels to monitor include resistance above at 105,583, 106,537, 108,000, and 108,955; support levels are at 104,545, 103,975, 102,380, and 101,425. The liquidation heatmap indicates significant levels at 106,645, 108,095, 109,830, and 110,852 above, and at 103,500, 102,888, 101,165, and 100,011 below. The current trend shows a daily downtrend, but weekly and monthly uptrends remain. The market sentiment is relatively neutral. Overall, caution is advised, and close monitoring of key levels is recommended for strategic trading decisions.