Bitcoin (BTC) Price Faces Range High Retest as Technical Signals Hint at Late-Stage Bull Phase

Bitcoin (BTC) price movement has traders weighing in on key levels that could shape market direction for June.

Bitcoin (BTC) price is currently hovering around $107,527 after a slight decrease of 1.63% over the last 24 hours.

Despite the recent pullback, BTC showed strength with a 2.47% weekly gain as buyers emerged at lower prices.

As the cryptocurrency market continues to be influenced by global headlines and macro events, traders are keeping an eye on a crucial technical indicator that may signal the peak of the bull cycle.

Bitcoin Price May See Pivotal Decision At Range High

The recent price action is showing some interesting patterns, with the range high, fib level, and monthly high all converging in a small price range.

According to the analysis by trader Daan Crypto Trades, if the price of Bitcoin manages to stay above the range high, it may continue the uptrend from the mid-range zone, which was around $99,638.

However, if the bulls fail to hold onto this level, we might see a deeper correction towards the range low, which is around $89,250.

"If we do break out of this current monthly range, I think we'll likely continue in that direction for the rest of the month," said Daan as he pointed out that the monthly chart is showing some interesting technical patterns.

According to the chart, the current monthly high is at $97,622. If the price of Bitcoin moves above this level, it could signal further gains.

On the other hand, if the price drops below the monthly low, it may indicate a bearish turn for the short term.

"I'm still thinking that the lower time frames are showing some signs of exhaustion, especially if we do hold this mid-range zone," added Daan.

World attention is also focused on any new developments in the geopolitical arena, which could further influence the market's direction.

Furthermore, macroeconomic events, such as the latest CPI report and news related to China, have been closely followed by traders. However, even positive news items failed to provide sustained buying pressure on Bitcoin, which might be a cause for concern among some traders.

Bitcoin RSI Suggests Apex Of Bull Cycle Is Near

In a recent analysis, Cas Abbé highlighted that the monthly Relative Strength Index (RSI) for Bitcoin is now approaching the overbought zone.

''This phase of the cycle is usually when we get the strongest and fastest gains, and we also usually see altcoins massively outperform Bitcoin as capital flows into the market.''

While overbought readings typically warrant caution, traders are nevertheless focusing on the potential for further upside in the current cycle.

As June progresses, market attention will be key on any new highs or lows, especially with the macroeconomic landscape shifting rapidly.