Bitcoin posts 30% Q2 gains, but traders eye $100K if momentum fails to push past resistance.
Bitcoin (BTC) traded at $107,738 with a 24-hour decline of 0.41%. Despite a strong 5.99% rise over the past week, the price is now testing a key resistance near $109,000. This level has become an important barrier that Bitcoin must break through for continued upside.
Crypto analyst Ali noted that Bitcoin is seeing rejection at this zone. The daily Stochastic RSI has formed a death cross, which may indicate weakening momentum. This pattern, if confirmed, could point to a possible price drop. A sustained close above $109,000 would be needed to keep bullish momentum in place.
Notably, Bitcoin futures on the Chicago Mercantile Exchange (CME) opened with a small price gap between $108,000 and $108,400. This gap appeared during the weekend closure and has not yet been filled. Historically, Bitcoin has often revisited such levels early in the week.
Daan Crypto Trades has noted that these gaps tend to close quickly. The current price, now slightly above the gap, could retrace toward this area. This gap serves as a short-term support range that traders are monitoring. A drop into this zone would not be unusual based on previous patterns.
As June ends, attention turns to BTC’s monthly and quarterly close. The cryptocurrency is on track to post a green monthly candle despite sharp volatility. According to data from CoinGlass, Bitcoin may finish June with around a 30% gain for the second quarter.
However, the weekly close did not set new highs, which leaves the short-term trend uncertain. Traders are watching upcoming daily candles for confirmation of direction. If the price fails to break above $109,000, the $100,000 mark becomes a key level to watch on the downside.
Peter Brandt, a well-known figure in the trading world, recently shared his view on market participation. He suggested that most individuals should focus less on day trading and more on building long-term investments. Brandt recommended a simple portfolio: 80% in the S&P 500 (via SPY) and 20% in Bitcoin.
While Brandt still sees BTC as valuable, he pointed out that few people succeed with short-term trading. He also compared the current BTC price pattern to the one seen in 2022, which eventually led to a large price drop. His observations serve as a reminder of the risks involved in market speculation.
Brandt’s approach reflects caution during periods of price consolidation. Bitcoin remains part of his investment mix, but not as a daily trading asset. His outlook adds another voice to the current market analysis as Bitcoin trades near a key resistance.
