‎BTCUSD Faces Bearish Retracement After All-Time High

‎BTCUSD Market Analysis – June 6

‎Bitcoin faces Bearish retracement after the all time high as it aims to shape its next major move.

‎Bitcoin (BTCUSD) Key Levels

‎Support Levels: $97,500.00, $85,000.00
‎Resistance Levels: $108,000.00, $117,600.00

‎BTCUSD Long-Term Trend: Bullish

‎Since reaching its all-time high, Bitcoin has entered a phase of bearish retracement. From mid-February 2025, the price declined significantly, breaking below key demand levels at $97,500 and $85,000. However, this downward move was followed by a strong bullish reversal, with BTCUSD recovering lost ground and briefly surpassing the $108,000 supply level.
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‎Despite this rebound, bullish momentum failed to push the price further towards the $177,600 resistance. Instead, signs of exhaustion emerged. The daily Relative Strength Index (RSI) entered the overbought territory, indicating weakening upward pressure. Recent RSI readings show a continued decline, supporting the current bearish price behavior.
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‎Additionally, price is now trading below the daily Moving Average, which further confirms the bearish bias. A visible unfilled daily Fair Value Gap (FVG) below current price also acts as a magnet, drawing price lower as it seeks balance.

‎BTCUSD Medium-Term Trend: Bearish

‎On the 4-hour chart, BTCUSD is exhibiting a clear bearish structure, with the formation of consecutive lower lows. However, a recent spike in the 4-hour RSI signals increasing momentum to the upside, and this has been reflected in the formation of successive bullish candles.
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‎Liquidity is currently resting just above the market, slightly below the $108,000 level. This makes it a likely short-term target for price before any deeper decline resumes. Still, the $108,000 supply zone poses a strong resistance, potentially capping any upward movement and supporting the broader bearish trend.

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