Bitcoin (BTC) completed a two-week decline, dropping to $100,200, after which it began a gradual recovery. Despite the positive trend, pressure from long-term holders (LTH) and market instability pose correction risks. Analysts point to two support levels - $103,700 and $95,600 - which may become decisive in the coming days. At the same time, a rise above the resistance at $106,265 could pave the way to $108,000.
Data from Glassnode shows that the $103,700 level is a significant support zone: 95% of the circulating Bitcoin supply was acquired below this mark. Another important level is $95,600, where 85% of BTC have a lower purchase price. These marks may hold back the price drop if seller pressure intensifies.
If Bitcoin does not hold support around $105,000, a decline to $103,700 is likely. In the event of a deeper decline, the next key mark will be $95,600, which will determine further market sentiments.
Sales by long-term holders create temporary pressure on the market, especially if the price cannot overcome the resistance at $106,265. Historical data shows that such sell-offs often lead to short-term corrections, but the market usually recovers with improved macroeconomic conditions. According to Cryptorank, June has historically been a favorable month for Bitcoin with an average yield of +2.58%, supporting optimistic expectations.
At the time of writing, Bitcoin is trading at $106,263, having gained 4.7% over the last three days. The price is near the $106,265 resistance. If market sentiment turns bullish, breaking this level could push BTC to $108,000 or higher. TradingView analysis confirms that a successful breach of resistance could strengthen the upward momentum.
Bitcoin is at a crossroads: seller pressure and market volatility create risks of a downturn, but historical trends indicate growth potential. Investors should watch the support levels at $103,700 and $95,600, as well as the resistance at $106,265. The price movement in the coming days will determine whether BTC will continue to recover or face a correction.