It comes after several analysts told Cointelegraph earlier this year that June could be the month Bitcoin (BTC) reaches new all-time highs.“The $95,000 level — currently under consolidation — is a critical pivot point, acting as the lower boundary of a three-month range that defined market structure between November 2024 and February 2025,” Bitfinex said in a May 6 markets report.
At the time of publication, Bitcoin is trading at $96,730, up 3.03% over the past 24 hours, according to CoinMarketCap data. However, Bitfinex analysts said if Bitcoin fails to hold above $95,000, it could be headed for further downfall.“Failure to hold, however, could turn the region into resistance once more, raising the risk of a short-term rejection and another leg of corrective price action.”They said the next several days will determine whether Bitcoin will be heading “into a sustained breakout or resolves into a retest of lower support zones.”Bitcoin is up 2% over the past seven days.
Bitcoin holding above $95K would signal a “structural shift”Bitfinex said that Bitcoin holding above the $95,000 level would signal a “structural shift” back into bullish territory, with a potential upward trend toward retesting its all-time highs. Bitcoin reached its $109,000 all-time high on Jan.20, just hours before US President Donald Trump’s inauguration.
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Author / Journalist: Cointelegraph by Ciaran Lyons
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