Critical Technical Levels:
- Key support: $100,000-$103,000 range
- Breakdown target: $88,000 (Fibonacci level)
- Breakout potential: Above $130,000
- Current price: $104,009 (+0.5% daily, -5.5% weekly)
⚠️ Critical Support Zone Under Threat
A trading expert has highlighted the importance of Bitcoin holding above the $100,000 mark, warning that a drop below could trigger a sharp correction.
Specifically, Master Ananda’s analysis shows that the $100,000 to $103,000 range now serves as Bitcoin’s key support. If this level fails, traders should brace for a red week followed by sideways consolidation before any meaningful recovery.
📊 Technical Picture
Ananda noted that Bitcoin has already dipped into this zone, and the market is watching closely to see if it will hold or break under pressure.
Scenario Outcomes:
- 🔻 Support Break: Deeper correction with downside targets near $88,000 (key Fibonacci retracement level)
- 🚀 Support Hold: Sharp rebound that could push Bitcoin to new highs above $130,000
“Between $100,000 and $103,000. If this level breaks, prepare to see Bitcoin producing another red week then consolidation, on and on, before the next high” — he stated.
🔄 Healthy Correction in Bull Trend
While the short-term outlook is uncertain, Ananda remains bullish long-term. He pointed out that retracements are typical and healthy in any uptrend.
He also suggested the current pullback may offer a rare buying opportunity for those who missed earlier entries.
📈 Cup and Handle Pattern Formation
In a June 1 post on X, pseudonymous analyst Mags noted that Bitcoin is completing a bullish “cup and handle” breakout pattern with a potential target of $125,000.
Pattern Mechanics:
- Asset forms rounded bottom (“cup”)
- Followed by consolidation (“handle”)
- Breakout above resistance neckline often leads to rally
This supports the view that Bitcoin’s breakout from the $65,000-$70,000 resistance channel has laid groundwork for further gains.
🎯 Current Targets and Analysis
Current Price: $104,009 (+0.5% in 24 hours, -5.5% weekly)
Near-term Targets:
- Immediate: Reclaim $105,000 level
- Bullish scenario: New highs above $120,000-$130,000
- Bearish scenario: Drop to $88,000 if $100,000 breaks
Despite the recent pullback, Bitcoin ended May with its highest monthly close on record, indicating continued underlying bull trend strength.
Bottom Line: Bitcoin sits at a critical juncture where the $100,000-$103,000 support range will determine whether the correction deepens or the bull run resumes toward new highs above $130,000.