Bitcoin Faces Hurdles Near $105,000, But Hope Remains
Bitcoin (BTC) has paused at $105,000, with some investors taking profits. on June 8, BTC traded at $105,550, registering a 5% rise since its recent low.Despite this, it’s 5.75% off its yearly peak.
Recent volatility stems from investor profit-taking. In May, BTC peaked at $111,900—a 50% jump from April’s low. A growing trend saw ETFs withdraw $128 million last week, following a $157 million outflow the week before. This is the first consecutive weekly dip since April.
The SoSoValue data also indicates neutrality in crypto sentiment. The fear and greed index hit 56, reflecting a balanced market mood. Concerns over China’s potential sale of seized Bitcoin, worth over $20 billion, have further influenced BTC’s price.
However, there are positive signs. The exchange supply of BTC tumbled from 1.35 million to 1.18 million this month. Companies like Strategy and Trump Media are raising billions to buy more BTC.
- Exchange supply drops to 1.18 million.
- more firms are boosting their BTC purchases.
Technically, BTC shows promise. A cup-and-handle pattern suggests an upcoming breakout. If BTC surpasses $111,900, it could aim for $150,000.Despite challenges, the future for Bitcoin still shines brightly.
