Rebound after Exhausted? Bears Eyeing the 100,000 Level

Cryptocurrency

Summary:

Affected by profit-taking, Bitcoin has recently pulled back from $112,000 to a low of $100,400. It has since rebounded but remains below the $107,000 resistance level, with upward pressure intensifying in the short term.

SELL BTC-USDT

Close Time

CLOSED

105925.2

Entry Price

101000.0

109000.0

91334.0 +1779.2 +1.99%

3074.8

Pips

Loss

101000.0

109000.0

Exit Price

105925.2

Entry Price

109000.0

Fundamentals

On June 9th, Bitcoin held steady above $105,000, and the market closely monitors the impact of key U.S. economic data and global macro events this week.

On one hand, the U.S. is set to release May CPI data on Wednesday. If inflation rises unexpectedly, the Federal Reserve may delay interest rate cuts, keeping the U.S. dollar resilient and pressuring USD-priced-in Bitcoin.

On the other hand, high-level China-U.S. trade talks resumed on June 9th. Substantial progress in negotiations could boost risk assets, including Bitcoin.

Additionally, major financial institutions fail to provide substantial updates on the approval progress of Bitcoin ETFs. In the short term, institutional entry may continue to slow, with significant speculative profit-taking pressure.

Overall, a stronger U.S. dollar and regulatory uncertainty pose short-term headwinds, while China-U.S. trade talks and expectations for downstream ETFs are adding divergence to the market.

Technical Analysis

Rebound after Exhausted? Bears Eyeing the 100,000 Level_1

Based on the daily chart, Bitcoin came under pressure and pulled back after hitting a high of $112,000 at the end of May. It accelerated its decline to $100,400 on June 6th before quickly rebounding, indicating some support. Currently, Bitcoin rebounds but remains below the $107,000 resistance level. Consecutive bearish candles on the 4-hour chart suggest significant upward resistance at this level. If the weakening continues, Bitcoin may test the $100,400 support level downward in the short term.

Now, Bitcoin has encountered selling pressure during two consecutive rebounds near $107,000, failing to break through the resistance zone formed by the earlier decline. The likelihood of a short-term downward pullback is high, and the $105,000 level provides temporary support. If Bitcoin breaks below this level, it may test the $100,400 support level further.

Trading Recommendations

Trading direction: Sell

Entry price: 106000

Target price: 101000

Stop loss: 109000

Valid Until: June 23, 2025, 23:00:00

Support: 105000/100400

Resistance: 106804/108897

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Eva Chen

Central Bank

Forex

Summary:

The euro has faced short-term pressure following the ECB's rate cut but has rebounded to a six-week high, supported by the hawkish stance and pause signals from the ECB meeting. In contrast, New Zealand's recent high interest rates, along with raw material exports and commodity prices, provide fundamental support for the New Zealand dollar (NZD). The New Zealand dollar remains relatively robust in the short term.

SELL EURNZD

Close Time

CLOSED

1.89162

Entry Price

1.81700

1.91250

2.01498 -0.00053 -0.03%

208.8

Pips

Loss

1.81700

1.91250

Exit Price

1.89162

Entry Price

1.91250