Bitcoin started June on uncertain footing, trading sideways around the $104,000 mark despite mixed signals from both technical and on-chain indicators. While the broader market sentiment remains cautiously optimistic, recent blockchain data suggests that short-term bearish pressure could hinder upward momentum.
According to CoinGecko, Bitcoin was priced at $104,211 at the time of reporting, with a modest 0.4% decline over the past 24 hours. The weekly drop of 5% underscores the fading bullish momentum, although the monthly performance remains positive at +8.2%. On a yearly scale, Bitcoin still impresses with over 53% gains, reflecting its long-term strength.
Technical Charts Send Conflicting Signals
TradingView indicators present a nuanced picture. Moving averages on the daily chart issue a “buy” signal, yet key oscillators remain neutral, suggesting investor indecision. The BTC/USD pair entered a short-term correction pattern following a late-April rally. For now, resistance around $106,000 remains firm, while the $103,000–$104,000 range acts as a strong support zone.
Market participants appear to be taking a long-term approach, with many ignoring near-term volatility in favor of broader adoption and macro trends. According to The Bit Journal, this signals a maturing investor base that’s less reactive to daily swings.
On-Chain Metrics Reveal Hidden Market Tensions
Blockchain data from IntoTheBlock shows that 96% of Bitcoin holders are still in profit, a relatively stable figure that suggests healthy investor sentiment. However, whale holdings remain modest, with large addresses controlling just 12% of the total circulating supply—indicating that institutional involvement may currently be limited.
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One key concern comes from recent exchange activity. In the past week, centralized exchanges saw net inflows of $3.38 billion, indicating potential sell-side pressure. Additionally, the proportion of addresses “in the money” has dipped by 0.58%, and daily transaction volumes remain flat around $24.5 billion.
Despite these indicators, the Bitcoin network itself continues to operate with moderate growth, and its market cap holds firm at approximately $2.07 trillion. The stable circulating supply of 19.87 million BTC further reinforces the asset’s deflationary appeal.
Outlook: Watching the Key Levels
The coming days will be crucial for Bitcoin as it tests the $106,000 resistance level. A breakout could renew bullish momentum, while failure to hold above $103,000 might trigger a broader correction. For now, traders are advised to monitor both exchange flows and macro indicators to better gauge market direction.
As The Bit Journal emphasizes, blending technical analysis with real-time on-chain data is essential for making informed investment decisions in today’s crypto landscape.
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Sources:
CoinGecko (https://www.coingecko.com/)
IntoTheBlock (https://www.intotheblock.com/)
TradingView (https://www.tradingview.com/)
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
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