Bitcoin (BTC) is stabilizing around the $105,500 level, acting as a key technical and psychological pivot point after pulling back from its recent all-time high of $111,800. As of 8:35 p.m. on June 1, BTC was trading at $105,597, according to The Block’s Bitcoin price page.
According to Rachael Lucas, crypto analyst at BTC Markets, this price range could determine the next leg of Bitcoin’s bull cycle.
“Indicators like the RSI and MACD are showing signs that the strong bullish momentum is starting to wane, at least temporarily,” said Lucas. “That said, the longer-term outlook still leans optimistic.”
Key Levels to Watch: $103K Support or $115K Breakout
Lucas noted that Bitcoin is holding strong support around $103,000, with deeper support at $97,600. Two potential scenarios may unfold in the coming days:
- If BTC remains above the $103,000–$105,000 range, it could push toward $115,000, testing fresh highs.
- A break below $103,000 could signal a deeper correction, with short-term downside targets between $93,000 and $97,000.
However, Lucas emphasized that even in the case of a pullback, it would not signal a breakdown in the broader uptrend, but rather a healthy consolidation in a longer-term bull market.
“Traders are treading carefully, unsure whether this is a short-term top or simply a pause before the next leg higher,” she added.
Altcoins Lag as Bitcoin Dominance Surges
As Bitcoin’s dominance nears a cycle high, altcoins remain under pressure, underperforming in an environment dominated by institutional BTC flows.
“Recent demand has been largely driven by corporations like Strategy, Metaplanet, and Twenty One,” said Min Jung, research analyst at Presto Research. “Major altcoins have struggled to capture sustained interest.”
This corporate-driven investment trend, famously championed by Strategy’s Michael Saylor, has reinforced Bitcoin’s narrative as a macro hedge and strategic asset.
Lucas added that Bitcoin has evolved “beyond a ‘digital gold’ narrative” and is now increasingly treated like commodities or currency exposure in diversified macro portfolios—making it more sensitive to economic data, central banks, and geopolitical risk.