Key Points:
Bitcoin's price is consolidating around $105,000, with liquidity accumulating above the spot price.
For bulls, the $106,000 support/resistance flip is crucial, while $100,000 remains a key level.
In the late New York trading session on June 17, Bitcoin fell alongside the broader crypto market, dropping as much as 4% to $103,400 after U.S. President Trump commented on the Iran-Israel conflict.
After reaching liquidity near $103,000, analysts noted that with liquidity accumulating above $106,000, the likelihood of a pullback to below $100,000 is low.
Since returning above the psychological level of $100,000 on May 8, Bitcoin's price has successfully stabilized above this level. This remains a key level on traders' radars, with no strong retests recently.
Michael van de Poppe, founder of MN Capital, observed Bitcoin hovering around $104,400, stating that after being rejected at the $106,000 level, BTC may drop to absorb liquidity located between $100,000 and $103,000.
The accompanying chart shows that $100,000 is a key level to watch closely on the BTC four-hour timeframe. Losing this level would lead traders to seek entry positions below $100,000.
Van de Poppe added, "The second area is below $100,000, and I think this possibility is low."
The pseudonymous analyst CrypNuevo shared a chart showing that after successfully retesting $100,000 on June 6, Bitcoin has been holding above this level and "looks good."
"We just need this support level to hold firm and flip $106,000 into support to push the price higher," the analyst pointed out.
As reported by Cointelegraph, the $100,000 level is an important psychological boundary, and failing to hold it would impact market sentiment.
Multiple traders have noted potential upward liquidity attraction, with sell orders accumulating above $106,000.
Latest data from monitoring resource CoinGlass shows that buy orders are being consumed around $105,000, while sell orders are concentrated between the spot price and $109,000.
The chart above shows that sell orders worth $70 million are accumulating near $106,500, while the cluster between $109,000 and $110,000 is another potential important liquidity area.
If the $106,000 level is breached, it could trigger a liquidation squeeze, forcing shorts to cover and pushing the price towards the next major liquidity cluster at $110,000.
Related: JD.com joins the stablecoin competition in the U.S. amid the GENIUS Act
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Bitcoin (BTC) Probability of Falling Below $100K Drops Sharply, Current Focus on $106K Liquidity Level”
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