Share this article
Bitcoin Price Bounce to Near $104K, Though Encouraging, Falls Short of Bull Revival
BTC's bearish H&S breakdown from Thursday is still valid.
Jun 6, 2025, 11:06 a.m.
What to know:
- Bitcoin's broader outlook is positive, but short-term prospects are uncertain due to a recent bearish trend.
- The cryptocurrency rebounded to nearly $104,000, but this may be a temporary bounce before further decline.
- Immediate support levels are at $100,000 and $95,500, while a rise above $107,000 is needed to negate the bearish outlook.
This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.
Bitcoin's broader outlook is constructive, but its short-term prospects remain bleak, according to technical analysis.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The leading cryptocurrency by market value has bounced back to nearly $104,000 from its overnight low of $104.30, alongside positive action in U.S. equity futures.
However, a closer look at the hourly price chart reveals that the bounce is likely a classic breakdown and retest play – the cryptocurrency dove out of a head-and-shoulders pattern on Thursday, signalling a short-term bullish-to-bearish trend change, and prices are now revisiting the breakdown point, called the neckline.
This happens because early sellers – those who shorted at the time of the breakdown – are quick to take profits, consistent with the prospect theory of behavioral analysis.
It leads to a bounce that usually runs into fresh selling at the neckline from those who missed the initial breakdown. These fresh shorts lead to the next leg lower.
In other words, BTC is not out of the woods yet, and prices could turn lower from around $104,000, extending the pullback. The immediate support is at $100,000, followed by $95,500. The latter is arrived at by subtracting the height of the H&S pattern from the breakdown point.
On the higher side, a move above $107,000 is needed to invalidate the bearish setup and shift focus to record highs.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Prediction markets may offer a tax loophole for gamblers under Trump’s Big Beautiful Bill, Coinbase says
A tax change in Trump’s Big Beautiful Bill may steer gamblers toward blockchain-based prediction markets to reduce their IRS bill, Coinbase said.
What to know:
- A 2026 tax rule in the One Big Beautiful Bill Act will limit how gamblers deduct losses against winnings, Coinbase says, with prediction markets perhaps offering more favorable tax treatment due to their structure as financial contracts akin to derivatives.
- Coinbase expects prediction markets to become key crypto infrastructure, despite current fragmentation and regulatory uncertainty.
Top Stories
