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Bitcoin Faces Make-or-Break Week as June Monthly Close Approaches
As the clock ticks closer to the end of June, the cryptocurrency market is bracing for a decisive month-end close. The price action has been characterized by intense volatility, with Bitcoin (BTC) hovering around the $107,000 mark.
According to recent reports from CoinGecko, the coin has slipped 0.45% on the day but remains up almost six percent week-to-date. This trend is expected to continue in the coming days as quarter-end rebalancing spurs large stablecoin migrations that amplify volatility.
Traders are keeping a close eye on Tether inflows while plotting entries around highlighted levels provided by market analysts Zen and Dr. Cat. The latter warns that neither the daily nor two-day cycle looks bullish, drawing parallels to a similar April 2024 setup that preceded a steep slide. This could signal a top in the short term.
Meanwhile, Zen is urging caution despite an uptick in the short-term tape, recommending buying pullbacks only after a proper dip with high volume and bullish price action. He notes that any miss above $108.9k would leave liquidity as a key short trigger, highlighting the importance of keeping an eye on fair-value zones.
Bitcoin (BTC) daily range tests key resistance, but Dr. Cat warns that a close below the swing low at $98.2k could pave the way for a steep decline towards the high-$70,000 zone in what he terms “a potential last selling opportunity before a lot of downside.”
Source: blockonomi.com
