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- Bitcoin experienced a week of stagnation, with traders focusing on key support and resistance levels around $108,950.
- CJ’s successful long trade at $100K brought profits, though he regretted not holding it longer for bigger gains.
- Analysts predict Bitcoin’s next move could break $102K, with targets of $109K and $110K in sight for the rally.
Bitcoin (BTC) experienced a week of stagnation, and traders are also closely watching key support and resistance levels. CJ had highlighted a large position and entered into a long position on Monday at $100,000. The trade was successful, though CJ was halted on a scalp short position in the middle of the week. Nonetheless, the long trade was profitable, and it turned out to be an overall positive week.
Nevertheless, CJ had regrets about not securing the Monday position longer. He admitted that the results could have been even better had he stayed with the original trade. The weekly draw stands at $108,950, which most traders are targeting. With the month and quarter approaching, CJ was cautious and indicated that he would not take new trades unless something of high quality came up.
Source: X
Bitcoin Potential Breakout
Analysts have fixed their eyes on a possible drift of above $102,000 at the beginning of the new month. He will remain optimistic to observe a flush at that level with a rejection with a close preferably exceeding $104,000. This arrangement would verify higher upside potential. The weekly draw amount is close to $109,000, and the equal highs of $110,000 are the initial targets of CJ in the rally.
Daan Crypto Trades revealed that Bitcoin is expected to continue trading within the range of $107,000 this weekend. Daan noted that not much is expected in terms of price movements and that the price has been trading within this range throughout the week. Nevertheless, the compression in the market is an indicator that a larger movement may be in the offing.
Source: X
Consolidation Before Breakout
Alpha Crypto Signal highlighted a more bullish forecast, claiming that Bitcoin had successfully retested its important horizontal support. The price has stood strong above this mark, indicating strength. Alpha predicts that the price will increase as long as Bitcoin remains above the support zone. The bulls are now back in charge, and the next leg up is already loading.
Source: X
Bitcoin is still consolidating, and the eyes are focused on the possible breakout in the days ahead. The market is squeezed, and the next major price movement is likely to occur in the near future. The traders are keen to observe the trade of Bitcoin as the month changes to July. As the third quarter draws close, Bitcoin will prove to be the pivotal point in guiding investors to new stakes. These coming days will be crucial in defining where Bitcoin is headed.
