- Bitcoin Price rebounded after forming a local bottom at $100,300 on June 6 and could re-test its all-time high.
- A Doji pattern on the weekly Bitcoin chart signals potential for significant price movement.
- Long-term Bitcoin holders have accumulated more BTC as short-term holders exit the market.
- Spot trading volumes on major exchanges have dropped to levels last seen in October 2020, while futures activity remains high.
- Chart analysts highlight a bullish fractal that could push Bitcoin toward the $110,000–$120,000 range if trends continue.
Bitcoin saw its price recover sharply from a recent low of $100,300 on June 6, breaking above a downward trendline. The move has prompted discussion that the asset could attempt to reach or surpass its previous price records.
A Doji pattern, characterized by a small body with long upper and lower shadows, appeared on Bitcoin’s weekly chart. This type of candlestick often shows indecision in the market and can signal a potential trend reversal. According to analysts, the latest Doji absorbed sell-side pressure from recent weeks, which could mark the end of bearish momentum.
Crypto analyst Jackis warned that confirmation of the Doji is needed before any breakout is certain. “A weekly #Bitcoin Doji after rejecting swing highs the week before means nothing by itself. Literally the same thing happened before Covid (different context this time though). We need to see the price confirming with a break higher—if so, only then we run,” Jackis posted on X.
Another analyst, Krillin, pointed to a repeating price pattern, or fractal. He noted that Bitcoin’s current price action is similar to its movement after the January 2024 spot ETF approval, which led to a large upward move. He explained via X that such fractal patterns on weekly charts have shown a high rate of accurately predicting reversals in the past.
Bitcoin’s latest rally has coincided with changes in market behavior. Data from CryptoQuant shared by researcher Axel Adler Jr. shows average spot trading on major exchanges has dropped to roughly $965.6 million, echoing volumes not seen since October 2020. At the same time, futures trading volume remains elevated.
Onchain analyst Boris highlighted diverging actions between long-term and short-term Bitcoin holders. In the past 30 days, short-term holders sold off 592,000 BTC, while wallets holding Bitcoin for more than 155 days added 605,000 BTC. Boris stated on X: “While short-term holders are exiting, long-term holders are stepping in. This suggests that the ongoing uptrend is not just speculative—it’s structurally supported by strong hands.”
Analysts suggest that these structural signs, along with chart patterns, could support a move toward $110,000–$120,000 as long as current trends continue. Readers are reminded that all investments carry risk, and individual research is recommended before making any financial decisions.
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