Bitcoin (BTC) is trading near $103,000 after failing to break above $107,100, with a crucial technical indicator suggesting June 9 could mark a decisive moment for the leading cryptocurrency’s next major move. Recent price action has tested key support levels, but one prominent analyst sees potential for significant upside.
Critical Technical Setup Approaching
Market technician Dr Cat (@DoctorCatX) has identified the June 9 weekly close as a potential turning point, when the Tenkan-sen is projected to cross above the Kijun-sen on the Ichimoku chart. This technical event, known as a ‘TK golden cross,’ could validate the 2025 bull cycle.
Strong Support Levels Hold Despite Volatility
Despite recent volatility, major players continue showing confidence in current support levels. The analysis identifies a high-liquidity zone between $98,900 and $100,200 as crucial support, with Dr Cat noting this area is likely to see strong buying pressure if tested.
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Key Macro Events Could Impact Price Action
Several important economic events coincide with this technical setup:
- May US CPI data release on June 11
- Federal Reserve rate decision on June 17-18
- Weekly close price action at $99,000 support level
Price Targets and Risk Levels
The analysis suggests two key price levels to watch:
- Immediate resistance: $109,000
- Critical support: $98,000
FAQ Section
What is a TK golden cross?
A TK golden cross occurs when the Tenkan-sen crosses above the Kijun-sen on the Ichimoku chart, signaling strong bullish momentum.
Why is June 9 significant?
This date marks the potential TK cross on the weekly timeframe, which could confirm the broader bullish trend.
What could invalidate the bullish scenario?
A weekly close below $98,000 would significantly damage the bullish outlook.
At press time, BTC trades at $103,721, maintaining its position above crucial support levels as markets await the June 9 technical confluence.