Bitcoin Appears 'Rangebound' At $105,000

2025-06-06 10:10:54

(MENAFN- Yolo Wire) Analysts say %Bitcoin (CRYPTO: $BTC) appears rangebound at its current level of around $105,000 U.S.

Bitcoin's price recently hit an all-time high of just over $111,000 U.S. as stock markets rallied throughout May.

However, since touching that peak, Bitcoin has pulled back to trade between $104,000 U.S. and $105,000 U.S.

Analysts and technical experts say the current situation looks negative with BTC appearing to be "rangebound" in the short-term.

Chart experts say Bitcoin is in a classic breakdown and retest pattern right now, with the price revisiting its recent breakdown point.

Analysts say the issue weighing on Bitcoin is that short sellers have been quick to take profits as the crypto's price has retrenched.

The selloff among short sellers, coupled with a lack of new investors, is keeping Bitcoin stuck right around $105,000 U.S.

Looking ahead, BTC could turn lower from current levels, extending the pullback, say analysts.

Charts show that immediate support for Bitcoin is at $100,000 U.S., followed by $95,500 U.S.

On the bullish side, a move above $107,000 U.S. for Bitcoin is needed to invalidate the bearish set-up and get the largest cryptocurrency by market capitalization back near its record high.

Bitcoin is currently trading at $104,150 U.S., having gained 11% this year.

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