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Bitcoin is lingering around $105,000, about 6% off its record high of $111,900, with market watchers cautioning about a possible sharper decline in June.
Liquidity is stacking up around the current price, and the $100,000 level is drawing significant attention as a critical threshold.
$100K Support Under Scrutiny
Since surpassing $100,000 on May 8, Bitcoin has maintained this level for over three weeks, but it has yet to face a robust retest.
After hitting resistance at $106,000, BTC/USD is retreating, with traders assessing whether it can hold key support.
MN Capital’s Michael van de Poppe, observing Bitcoin at $104,300, noted that the rejection at $106,000 suggests a downward move before any bullish recovery.
His analysis on a four-hour chart pinpoints $100,000 as a crucial level to watch.
Similarly, pseudonymous trader CrypNuevo highlighted Bitcoin’s failure to turn $106,000 into support, forecasting a potential dip to the $100,000 psychological level, which coincides with the 150-period EMA.
Analyst AlphaBTC offered a more bearish outlook, suggesting that a break below $100,000 could push Bitcoin as low as $90,000. “Expect range-bound trading in early June as the market awaits clearer signals, particularly from the June 18 FOMC meeting,” AlphaBTC shared on X.
Liquidity Clusters Point to Volatility
CoinGlass data shows substantial bid liquidity between $100,000 and the current price, with a significant $170 million in orders around $93,200.
On the upside, liquidity is concentrated in the $112,500–$113,500 range.
CrypNuevo noted that round numbers like $100,000 often attract dense order books, making a liquidity sweep below the current price plausible.
AlphaBTC commented, “Liquidity is building heavily on both sides.
Bitcoin might test the recent lows before pushing up to clear resistance.”
Glassnode’s MVRV bands indicate $100,000 could remain a solid support, assuming broader market stability holds.
Broader Market Pressures
Bitcoin’s consolidation coincides with U.S. stock market unease, partly driven by Russia-Ukraine tensions, which recently pushed BTC below $104,000. Traders are closely monitoring macroeconomic events, particularly the upcoming FOMC decision, for potential catalysts.
