Bitcoin started June with a modest rebound, trading near $105,500 after a volatile end to May that saw prices dip from $109,000 to $103,200. Despite this pullback, Bitcoin still managed to close May with an 11% gain, building on April’s strong performance. The current price action, however, puts the spotlight on a crucial resistance zone that could determine the next move for the world’s largest cryptocurrency.
Why $105,800 Matters for Bitcoin
The $105,800 level is drawing attention from traders because it represents a confluence of two important technical indicators:
• The 0.618 Fibonacci retracement level, often called the “golden ratio,” is a key area where prices tend to find support or resistance in both traditional and crypto markets .
• The 100-period Exponential Moving Average (EMA) on the 4-hour chart, which many traders use to gauge the medium-term trend.
This overlap creates a strong barrier that Bitcoin needs to clear for a sustained rebound. If the price can break above this zone, it could open the door for further gains.
BTC price dynamics (April – May 2025). Source: TradingView
Short-Term Hurdles and Market Sentiment
Bitcoin’s recent bounce from $103,200 reclaimed the 0.786 Fibonacci level, but the rally has so far stalled at $105,800. Adding to the challenge, the 20-period EMA recently crossed below both the 50 and 100 EMAs—a bearish technical signal known as a “death cross.” While the price has moved back above the 20 EMA at $105,350, the next key resistance is the 50 EMA at $106,000.
The Relative Strength Index (RSI) is hovering around 50, suggesting the market is at a crossroads, with neither buyers nor sellers in clear control.
What’s Next for Bitcoin?
• If Bitcoin can break above the $106,000–$107,000 resistance band, it would likely confirm a bullish continuation for early June.
• Failure to clear this zone could see the price retest last week’s low near $103,200.
