The first cryptocurrency, Bitcoin, is facing significant pressure, swinging between pullbacks from previous peaks and rallies toward new ones. Nevertheless, the flagship asset refuses to give in and continues its path toward fresh highs.

On Wednesday, June 4, Bitcoin opened the day with sideways movement. As of now, the cryptocurrency has slightly pulled back and is trading at $105,325, down from its previous level of $105,574. However, this hasn't stopped the asset from continuing in its intended direction.

Bitcoin has initiated a recovery wave above the $105,000 mark and the 100-hour simple moving average. On the 1-hour chart of the BTC/USD pair, analysts note the formation of a bullish trendline with support at $104,050. The BTC/USD pair could begin a new rally if it breaks through the $107,000 resistance zone.

After reaching its all-time high of $112,000, Bitcoin entered a consolidation phase, hovering near key support and resistance levels. The market is now closely watching for signs of the next decisive move—either a breakout to new highs or a deeper correction.

Bitcoin faces resistance

Recently, Bitcoin experienced a fresh decline, falling below the $105,500 support zone. The lowest point was registered at $103,200, and the flagship asset is now attempting a recovery, albeit with mixed success.

At present, Bitcoin is trading above $105,000 and the 100-hour simple moving average. The first key resistance is seen near $107,000. The next level could be around $107,800, if the price closes above this, further upward movement is likely. In that case, Bitcoin could test $109,000 and potentially reach $110,000.

Will BTC fall?

If Bitcoin fails to rise above the $107,000 resistance zone, a pullback may occur. The nearest support lies around $105,000, followed by $103,200. A deeper decline could push BTC toward the $102,500 support level or lower, triggering renewed bearish momentum.

Bitcoin is currently in a phase of high uncertainty as it is struggling to define a clear direction. After peaking at $112,000, it entered a volatile consolidation zone. Bulls are anticipating a breakout above the all-time high, while bears are eyeing a significant correction. Sentiment remains mixed due to growing volatility and macroeconomic risks.

Although BTC lacks a short-term direction, the current pullback trend still supports the broader bullish outlook. It reflects easing selling pressure and signals long-term investor confidence.

External pressures and bond market influence

One of the major external factors weighing on the cryptocurrency market is the bond market. Rising yields on US Treasury bonds increase systemic pressure and influence investor behavior regarding risk assets, including cryptocurrencies.

BTC holds key support as bulls stay in control

Bitcoin is currently trading at $105,325, showing resilience after retesting the $103,600 support level. This area remains solidly defended despite recent volatility and is considered a critical zone that bulls must protect.

BTC's recent high near $109,300 remains a significant hurdle for further upward movement. A decisive breakout above this level would open the path toward the all-time high of $112,000. Conversely, a drop to $103,600 or below could pave the way for a deeper correction, potentially dragging BTC back to the psychological $100,000 level.

The current price movement may stall if not accompanied by increased buying pressure. At the moment, Bitcoin remains within the $103,600–$109,300 range. Bulls must maintain higher lows and reclaim short-term moving averages. Experts believe the coming days will be pivotal for BTC's trajectory. It will soon become clear whether Bitcoin will resume its uptrend or enter a prolonged phase of consolidation.