It is a truth universally acknowledged, that a cryptocurrency in possession of a good fortune, must be in want of a breakout. And so it is with Bitcoin, which, after a brief flirtation with the dizzying heights of $112,000, has decided to play the coy maiden and pull back a tad. This has left the market in a state of delightful uncertainty, with volatility surging like a young man at a debutante ball, unsure of which dance to lead. 🕺
Despite the recent waltz with the $112,000 mark, Bitcoin has managed to hold its ground above the $105,000 level, maintaining a bullish structure that keeps the market sentiment cautiously optimistic. Traders, much like the guests at a country house party, are now eagerly awaiting a decisive move that could either confirm a grand entrance into the ballroom of price discovery or a swift retreat to the safety of the library. 📚
Top analyst Jelle, a man who knows his on-chain data as well as a butler knows his silverware, has shared some enlightening insights. According to Jelle, the MVRV Z-Score, a metric that gauges whether Bitcoin is overvalued or undervalued relative to historical norms, is still far from the red zone. This suggests that there is still plenty of room for the market to grow, much like a young man’s waistcoat after a particularly hearty Christmas dinner. 🍽️
As BTC holds firm and macro conditions evolve, the coming sessions could shape the next explosive phase in the ongoing bull cycle. Bitcoin is trading above critical levels, holding strong above $105,000 and maintaining momentum near its $112,000 all-time high. After weeks of climbing and absorbing macroeconomic uncertainty, BTC now faces one of its most significant resistance levels. A clean breakout from this zone could be the trigger for a full-blown expansion into price discovery, signaling the next explosive leg of the bull market. 🚀
This week could prove decisive. Bitcoin’s structure remains bullish, with a series of higher lows and steady volume supporting the uptrend. However, volatility has increased in recent days, suggesting that while bulls are in control, the market is still weighing its next move. A failed breakout could result in a retracement toward lower support, with key demand zones resting around $103,600 and $100,000. 📉
Still, on-chain signals continue to lean bullish. Jelle highlighted the relevance of the MVRV Z-Score, a historical indicator that measures Bitcoin’s market value relative to its realized value. The metric has historically flashed red as price peaks approach—yet according to Jelle, the MVRV Z-Score is “not even close to flashing a signal at the moment,” suggesting there’s still plenty of room for upside. 📈
This combination of price stability above support, technical resistance overhead, and a healthy on-chain backdrop puts Bitcoin in a pivotal position. A breakout above $112,000 could ignite price discovery and accelerate the uptrend across the market. But as long as BTC remains range-bound, traders must remain cautious and prepare for short-term volatility. The direction Bitcoin takes from here will likely define the tone of the market heading into the second half of 2025. 📅
Bitcoin is currently trading at $107,044 on the 4-hour chart after facing rejection at the $109,300 resistance level—a key area that has capped upside momentum multiple times in the past two weeks. Following a brief push above $109K, BTC failed to hold the breakout and has since retraced, now testing the mid-range support zone aligned with the 50, 100, and 200 simple moving averages (SMAs), which are all clustered between $106,000 and $106,400. 📊
This cluster of moving averages now serves as immediate support and could act as a pivot point for a bounce. If this area holds, bulls could attempt another run at the $109K level. However, a breakdown below these SMAs opens the door for a move down to the $103,600 demand zone, where Bitcoin previously found strong buying interest earlier this month. 📉
Volume has been increasing slightly during the retrace, suggesting traders are cautious and protecting gains after last week’s rally. Until BTC cleanly breaks above $109,300 with volume, the market is likely to remain in consolidation mode. All eyes are now on whether BTC can defend this support cluster or risk deeper downside in the short term. 🕵️♂️
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2025-06-13 09:13