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Bitcoin (BTC) had a great end to May, but it's not looking so good for June. After hitting an all-time high of $111,980 last week, Bitcoin has slipped back to the $104,000 range, with one major technical indicator showing early signs of pressure.
The daily Bollinger Bands, which track volatility and trend shifts, have narrowed a lot after the May peak. Price action has moved toward the lower half of the band range and is now hovering close to the midline at $104,278. If it drops below the lower band, it could hit the six-figure level again.
This comes after a big jump in Q2, when Bitcoin price broke out of a holding pattern between $70,000 and $90,000 that it had been in for months. The $100,000 point was seen as a theoretical limit in the past, but it's now considered a solid baseline. Now we are testing it.
The daily chart shows that volume has decreased, and the candles are showing indecision near the key resistance at around $106,000. The weekly view still shows the broader uptrend is in play, but with the current weekly candle turning red, it's clear that the change in short-term sentiment is happening.
The next few days should show if this is just a temporary dip or a more serious pullback toward five-figure territory.
Vladislav Sopov
U.Today Editorial Team