Key Takeaways
- The Bitcoin price continues to range, trading between $106,000 and $111,000 despite reaching new highs.
- Overall, market sentiment for BTC remains bullish despite the price range, as this could boost altcoin price action.
- If the price of BTC closes above $102,000 ahead of June, we could see the price aim for new highs in the coming weeks.
Bitcoin’s (BTC) price has shown a range-bound price movement in the last few days as the price traded between $106,000 to a region of $111,7000 as the price has failed to sustain its price rally to the upside, suggesting the market could be at equilibrium following a strong bullish rally from its weekly low of $74,000.
The current retracement by Bitcoin is a positive sign for the cryptocurrency market, indicating a healthy price correction that could allow altcoins to rally to the upside. Altcoins have struggled to outperform due to BTC dominance trading at a high level.
With BTC dominance experiencing a price decline and Bitcoin (BTC) trading in a range, altcoins could gain the needed space for a mini-bull run. The price of altcoins could see a strong rally to the upside, potentially breaking above key resistance zones that have prevented a bullish rally.
Jelle, a long-term crypto expert, has speculated that all conditions are favoring a strong bullish price action for Bitcoin, as the amount of Bitcoin leaving the exchanges has dropped significantly over the last couple of months, based on data from CryptoQuant. This has fueled speculation of a potential rally to new highs.
Bitcoin (BTC) Market Sentiment And Technical Analysis
Source – BTC Price Chart From Coinmarketcap
Market sentiment for BTC remains bullish following a strong uptrend over the last few weeks, despite the price struggling to reach a high of $120,000 due to speculation, as it continues to trade within a current range.
Statistics from market sentiment show over 80% vote for bullish price action for BTC. As long as the price of BTC trades above $100,000, the price would remain bullish as bulls would be looking for opportunities to rally to the next all-time high.
Overall market price action on the weekly timeframe for BTC is bullish, ahead of its monthly close as the price of BTC closing above its key demand zone of $102,000 could see a price rally to potential new highs as experts believe BTC could see a strong price rally towards $200,000 or more in the current price cycle.
According to CryptooAdy, he sees Bitcoin replicating the 2-year bullish cycle, as the price of BTC could see a strong rally towards the end of 2025, heading into 2026. He expects a bearish cycle to follow, with the price potentially reaching a strong target of around $200,000.
