newsbtc.com
Bitcoin saw a sharp price dip on Thursday amidst a public fallout between US President Donald Trump and the world’s richest man Elon Musk. The premier cryptocurrency, which had traded steadily within the $104,000–$106,000 range throughout the week, plunged to below $101,000 as tensions escalated between the two influential figures who attacked each other via their personally owned social media platforms i.e. X (formerly Twitter) and Truth Social.
Since then, Bitcoin has shown some market resilience climbing back to around $104,000. With another consolidation developing, market analyst Crypto Daan has highlighted the price levels that are critical to the next price breakout.
Beyond $106K Or Below $100K – What’s Next For Bitcoin?
The month of May proved largely bullish for Bitcoin as the digital asset surged from around $95,000 to establish a new all-time high near $112,000 marking the resumption of the larger crypto bull market. However, Bitcoin has noted a significant price correction since reaching this peak with market prices pegged around $104,000 on May 31.
As seen in the first week of June, Bitcoin had hovered around $106,000 before its most recent price slump on Thursday. Due to this price action, Daan Crypto notes the digital asset is now trading within a price range of $100,000-$106,000, where it comfortably sits at the mid-range around $104,000.
The analyst notes that if Bitcoin returns break below the lower range boundary at $100,000, the ongoing price correction could extend for 1-2 weeks. Going by $BTC’s stairwell ascent in the past month, potential market support in such a bearish case would lie around $95,000 and $85,000.
On the other hand, if the market bulls can force a return above the monthly high of $106,000, Daan Crypto explains that such development would indicate the market correction is over, and Bitcoin may be headed for another price discovery with potential initial targets of around $120,000.
