Will BTC resist over $100,000 or will it face resistance again?

Bitcoin prices today are hovering at nearly $105,600 after a slight recovery from the $104,000 low seen at the end of May. This rebound is noteworthy, but it has approached a critical confluence zone where Bitcoin’s price action can again reach $108K in resistance or reach the food stalls. The broader trend remains bullish, but momentum indicators suggest some caveat as BTC tests another short-term hurdle.

What will happen to Bitcoin prices?

On the weekly charts, Bitcoin price is approaching a significant Fibonacci expansion of $109,396, with current resistance at 0.786 levels, close to $106,000. Despite being reclaimed from $104,000 from its May 31 low, BTC continues to trade under the Upper Resistance Band, which closes its rally in April and May. Being close to this zone once a week is a big bullish signal, but the obstacles here can cause more range-bound Bitcoin price volatility.

Looking at the one-day charts, the pair formed a bullish continuation pattern for the textbook after bounced back through the demand zone of $103,000-$104,000. This area coincides with previous breakout structures and dynamic EMA support. However, Bitcoin’s price spike has consistently failed to exceed $106,000, turning this level into a permanent ceiling for upward continuation.

Daytime recovery faces resistance near $106K

The four-hour chart highlighted the short-term destruction of the downward triangle on June 2nd, facilitating the price of Bitcoin today to exceed $105,400. Currently, the price is integrated near the top Bollinger band, which is around $106,100, and is tailored to horizontal resistance and 50 EMA. A clean breakout over this zone allows you to unlock the upside towards $108,800.

However, the RSI on the 30-minute chart approaches nearly 64.77 acquired territory, and the MACD histogram is flattened, indicating a pause of potential momentum. Without strong volume support, this over-day recovery could be close to current levels.

In the same time frame, prices hold a top trendline for an increasing wedge structure. A breakdown below $104,000 could expose BTC to deeper testing centered on the $102,800 EMA zone.

Why is Bitcoin prices rising today?

The question of why Bitcoin prices have risen today can be answered by the short-term trendline breakout observed on June 2nd on the 4-hour and 30-minute chart. A series of highs since May 31 created support-based rises, but clean violations over $105,000 were confirmed with bullish RSI and MACD signals in early daytime sessions.

Additionally, the daily chart shows Bitcoin price action honoring the long-term uptrend that began in mid-April, with higher lows consistently formed near bands between $98,000 and $100,000. This technological structure enhances bullish bias in the medium term.

Nevertheless, the upward continuation depends on whether BTC is able to exceed the current resistance zone with a strong volume. Otherwise, lateral movements could occur for another period of time below $106,000.

Short-term outlook and BTC forecast for June 3rd

As long as BTC is maintained beyond the $103,000-$104,000 region, the broader trend remains in favour of bulls. However, the next 24-48 hours will be important to determine whether today’s Bitcoin price can start pushing to $108,800, above $106,000, or whether sellers will reject this move again.

Important levels to see:

• Immediate resistance: $106,000, $108,800
• Instant support: $104,500, $103,000
• Breakout trigger: $106,100
• Breakdown trigger: Less than $103,800

By tightening the Bollinger Band on the 4-hour chart and converging Emma from $104,700 to $105,300, the volatility in Bitcoin’s price could soon increase. Traders should closely monitor daytime candle closures and volume checks at around the $106,000 level to assess the likelihood of a breakout.

BTC Technical Forecast Table: June 3rd