Bitcoin taps $106K liquidity as bulls defend price with $260M bid
The post Bitcoin taps $106K liquidity as bulls defend price with $260M bid appeared on BitcoinEthereumNews.com.
Key points: Bitcoin seeks to take liquidity around $106,000 as traders hope for a sustained price recovery. Significant support is in place down to $97,000, boosting the odds of price holding. Profit-taking is underway but lacks the intensity of classic cycle tops, research says. Bitcoin (BTC) retargeted $106,000 after the June 3 Wall Street open as traders eyed the start of a bullish turnaround. BTC/USD 1-hour chart. Source: Cointelegraph/TradingView Bitcoin eyes liquidation clusters as $106,000 returns Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reversing losses seen after the daily close. After dipping below old all-time highs from late 2024, Bitcoin managed to halt declines amid concerns that $100,000 may come in for a support test. Analyzing the current market setup, popular trader Daan Crypto Trades hinted at the potential for liquidity grabs above and below the spot price. “There are still a lot of positions built up on both sides,” he wrote in part of his latest X commentary. “Major liquidity zones above $110K and below $103K.” BTC liquidation heatmap. Source: CoinGlass Data from monitoring resource CoinGlass underscored the potential for price to “squeeze” higher or lower to take neighboring liquidity, with upside liquidity already in the firing line. Referencing one of its proprietary trading tools, trading resource Material Indicators highlighted key areas of support in the event of a fresh downturn. “FireCharts shows ~$263M in BTC bid liquidity laddered down to $97,750, and an additional block of plunge protection just above the Yearly Open,” it observed on the day. “Any significant additions of bid liquidity to this expanded range should help keep price elevated and the macro trend intact.” BTC/USDT order book liquidity data. Source: Material Indicators/X Material Indicators nonetheless doubted the odds of Bitcoin hitting new all-time highs in the coming week without a suitable volatility…
Filed under: News - @ June 4, 2025 10:23 am