Is $104,000 BTC Just Around the Corner? You Won’t Believe What Happens Next! 🚀

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As the cosmic ballet of the crypto market prepares for yet another week of delightful chaos, Bitcoin finds itself at a rather critical juncture—like a cat contemplating whether to jump onto a windowsill or just stare at the wall for the next hour. Bitcoin, in its infinite wisdom, was trading up a staggering 1.41% in the last 24 hours, now sitting pretty at $106,685, after reaching a dizzying high of $106,958 during the early Monday trading session. This follows a sell-off last week that saw it plummet to the depths of $100,377, but fear not! It’s now on a four-day winning streak, which is more than most of us can say about our New Year’s resolutions.

Near-term resistance is building toward $107,000, as Bitcoin decided to drop three days in a row last week from a high of $106,901 on June 3. It seems Bitcoin’s price rise paused at the $106,958 high early Monday, perhaps to catch its breath or contemplate the meaning of life.

In a recent tweet that could only be described as a digital oracle’s prophecy, the Swissblock official X account highlighted three potential scenarios for Bitcoin this week. Spoiler alert: it’s not a rom-com.

Bitcoin, what is the plan?

🔹Inflation data in the week ahead could unleash volatility.
🔹Bulls are slowly rebuilding structure and regrouping, eager to flip the game.
🔹First steps are in, but a short-term test of the lower range ($104k) looks likely.

Stay sharp.

— Swissblock (@swissblock__) June 9, 2025

First up, inflation data is set to drop like a surprise plot twist in a bad sci-fi movie. This week, the latest consumer price index is due out on Wednesday, followed by the producer price index on Friday. Will it be a nail-biter? Only time will tell!

With inflation data looming like a dark cloud over a picnic, all eyes are on how Bitcoin might respond—will the bulls regain control, or will we be treated to a short-term dip that could rival the Titanic’s descent? A hotter-than-expected print could trigger concerns over monetary tightening, while softer data may offer room for risk assets to rally, like a group of over-caffeinated squirrels.

Secondly, the bulls are slowly rebuilding their structure and regrouping, eager to flip the game like a pancake at a Sunday brunch. While market sentiment remains cautious, early indications suggest that bulls are preparing to flip the script following recent weakness. It’s like watching a soap opera, but with more numbers and fewer dramatic pauses.

Bitcoin Faces Short-Term Test

While the bulls are regrouping, ready to flip the game with their first steps in, Swissblock noted that a short-term test of the lower range at $104,000 looks likely. Grab your popcorn!

According to Glassnode, on-chain models suggest crucial support zones: the 0.95 SSD quantile at $103,700 and the 0.85 at $95,600, which are levels to watch in case of profit-taking. It’s like a game of musical chairs, but with more existential dread.

The short-term holder cost basis at $97,100 offers key insight. Key thresholds (based on standard deviation bands) sit at $114,800 and $83,200. A breakout or breakdown from this range could define the next major market move, and possibly the fate of humanity as we know it. Or at least your weekend plans.

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2025-06-09 14:07