Bitcoin Near Resistance at 106,500 as Market Approaches Key Levels

The daily analysis of Bitcoin highlights that the cryptocurrency has nearly regained the levels before the recent dump. The current resistance barrier preventing a new bullish surge is the zone around 106,500, aligning with the daily 20-SMA (Simple Moving Average). Breaking above this level could open the path towards the next target around 108,000. Since hitting 104,700, the market has been actively shorting BTC, creating two nearby liquidity pools: one below 104.7k and another above the recent breakout attempt near 106,483. It’s difficult to predict the order of liquidity collection, but both levels are likely to be consolidated soon. This week, inflation data due to be released include the CPI on June 11 and PPI on June 12. Although the last crypto dump was not driven by broader economic factors—since the S&P 500 remained strong—the upcoming economic reports could introduce volatility. Therefore, caution with high leverage and tight stop-losses is advised. Key levels to monitor include resistance levels above 106,775, 108,000, 108,995, and 110,000, and support levels at 104,544, 103,975, 103,032, and 102,380. Additionally, the Bitcoin liquidation heatmap indicates significant liquidation zones above 106,704, 107,590, 108,730, and 109,890, and below 104,710, 103,737, 102,670, and 101,600. The current trend shifts from daily downward to weekly uptrend and monthly uptrend, indicating a potential recovery phase. Market participants should watch these key levels closely and prepare for increased volatility around the upcoming macroeconomic data releases. Maintaining prudent risk management strategies is essential during this period.