Overview of the latest Bitcoin price market

Image: https://www.gate.com/trade/BTC_USDT

According to Gate data, as of June 5, Bitcoin Price reported at $105,031.1, with a 24-hour high of $105,993.1 and a low retracement to $104,177.8. Overall, Bitcoin is in a high-level consolidation range, with price fluctuations maintained around $1,800, which is a mild consolidation trend.

At the same time, the 24-hour trading volume reached 4,920 BTC, with a contract trading amount of 517 million USD, indicating that the market is still relatively active, and there has not been a significant outflow of funds in the short term.

Volume and Market Structure Analysis

The trading depth shows that the current Bitcoin order concentration is concentrated in the range of $104,000 ~ $106,000, with a stalemate between buyers and sellers. From the perspective of trading pair structure, BTC/USDT dominates absolutely, indicating that stablecoins are still the main source of inflow funds.

In addition, from the order book perspective, the support at $105,000 is significant, with bears attempting to break below it multiple times without success, indicating a large number of buy orders in that area. Meanwhile, above $106,000, selling pressure is gradually increasing, reflecting that some short-term profit-taking positions have the intention to exit, pushing the market into a sideways consolidation phase.

Technical analysis: short-term fluctuations at high levels, medium-term trend still biased towards bullish.

From a technical indicator perspective:

• Moving Average System: MA5 and MA10 show signs of convergence, indicating that the short-term trend may enter a consolidation phase. However, MA30 and MA60 show a clear upward trend, indicating that the medium-term bullish trend remains intact.
• MACD Indicator: The fast and slow lines are slightly converging, and the green energy bars are starting to shrink, indicating a weakening of bearish momentum. If it can break through 106,000 dollars, it is expected to restart the upward trend.
• RSI Index: Maintains around 62, still in a bullish range, but with no significant overbought pressure, and there is still upward space ahead.

Looking at the graphical structure, Bitcoin is currently in a “box oscillation” pattern. If it breaks through the upper edge of 106,000 USD, it is expected to open up upward space, with the target possibly pointing to the previous high of 110,000 USD.

Market sentiment and investor behavior

Although Bitcoin has failed to maintain a sustained rise above previous highs, the overall market sentiment remains optimistic. Multiple analytical institutions and opinion leaders generally believe that the current price adjustment is a healthy consolidation process, serving as a “rest stop” in the medium to long-term upward trend.

On-chain data shows that long-term holders (LTH) who have held their coins for more than 6 months have not engaged in large-scale selling, reflecting that long-term investors remain confident in the future trend of Bitcoin.

In addition, the net inflow of stablecoins has been positive for several consecutive days, indicating that off-market funds are gradually flowing back into the market. Especially driven by ETF products, the acceptance of Bitcoin among traditional investors is rapidly increasing.

ETF dynamics boost market confidence

Since the approval of the Bitcoin spot ETF in 2024, several Wall Street institutions have continued to increase their holdings of BTC. Among them, BlackRock and Fidelity’s Bitcoin ETF positions have surpassed historical highs, becoming long-term support factors in the market.

Data shows that BlackRock’s IBIT product alone has added over 20,000 BTC in the past month, indicating that institutions are still actively accumulating at the current price range. Additionally, pension funds and sovereign wealth funds from multiple countries have begun to include Bitcoin in their portfolios, gradually changing the fundamental structure of the crypto market.

Advice for novice investors

For novice investors who are just entering the market, it is not advisable to blindly chase after price increases at this stage; it is recommended to maintain a prudent mindset:

1. Investment Strategy: By using a regular investment approach to average out costs, the risks brought by short-term market fluctuations can be reduced.
2. Grid trading: Utilizing the price oscillation range for high sell and low buy, suitable for short-term operations.
3. Set take profit and stop loss levels: Prevent significant losses caused by sudden market changes.
4. Pay attention to on-chain and macro data: such as exchange inflow and outflow data, USDT on-chain issuance volume, ETF position changes, etc.

Conclusion

Currently, the Bitcoin Price is maintained above 105,000 USD, and the market is still in a high-level consolidation phase, facing a choice of direction in the short-term. If it successfully breaks through 106,000 USD, a new round of upward movement may begin; conversely, if it falls below 104,000 USD, caution is needed for short-term correction risks.

Investors are advised to remain rational and not let short-term fluctuations interfere with their judgment. They should continuously pay attention to on-chain data and macro fund trends, make data-driven decisions, and seize genuine long-term opportunities.