TLDR:
- Bitcoin holds above $108K as support at $106K proves crucial for upward momentum.
- Michaël van de Poppe flags $108.9K as the key breakout level for BTC price upside.
- Coinbase spot bids suggest institutions are accumulating despite ETF outflows.
- BTC trading volume tops $29B as traders prepare for a possible move to new highs.
Bitcoin continues to show strength in early June trading, maintaining levels above $108,000. The BTC price has gained traction following recent breakouts, signaling possible upside movement.
Analysts observe consistent buying activity at critical levels, suggesting buyers remain in control.
However, stability at key support zones remains essential to sustain momentum. Traders now monitor whether BTC can push through resistance at $108,900, a level viewed as crucial for a potential new all-time high.
BTC Price Breakout Finds Buyer Support
Recent technical analysis from Michaël van de Poppe outlines Bitcoin’s surge past $106,500, which triggered a move toward $108,000.
According to van de Poppe, the BTC price briefly retested $106,500 before bouncing higher, indicating strong demand. He noted that the $106,000 mark remains vital, and any drop below $105,500 could lead to further selloffs.
I've made this chart on #Bitcoin.
It's a focused expression of the recent upwards move of Bitcoin and the crucial levels that we need to keep in mind.
The breakthrough of $106,500 provided a small acceleration to $108,000 and a retest (which was quickly bought up).
This means… pic.twitter.com/HOlPaJkmuV
— Michaël van de Poppe (@CryptoMichNL) June 9, 2025
The chart shared by van de Poppe suggests the market is building momentum. He expects Bitcoin to maintain its trend if support holds. A move above $108,900, he stated, could open the door to a rally toward a new peak.
Other analysts echo similar observations regarding market structure. Daan Crypto Trades highlighted consistent spot bids on Coinbase throughout June. He suggested that institutional buyers, including treasury firms, might be contributing to steady accumulation despite ETF outflows.
Daan added that while BTC is moving slowly, each transaction at current levels reduces the available supply.
This gradual reduction signals a maturing market where price movements are less erratic than in earlier cycles. Hence, Bitcoin is climbing through heavy supply zones at a steady pace.
$BTC June has seen a choppy start but there has been a strong consistent Coinbase premium this month so far.
This does show there's consistent spot bid coming from Coinbase. Likely from the likes of Saylor & Other Treasury companies as the ETFs have seen some outflows.
With the… pic.twitter.com/c2tawnsNzm
— Daan Crypto Trades (@DaanCrypto) June 9, 2025
Technical Zones Remain Critical for Bitcoin
The $105,500 to $106,000 region remains pivotal for Bitcoin’s short-term outlook. Losing those levels could trigger liquidations and downward pressure, van de Poppe warned. Conversely, buyers holding these zones could drive another leg up.
If the BTC price maintains current levels, traders expect a test of the $108,900 resistance. Breaking that barrier could act as a catalyst for accelerated gains. Market participants are closely watching whether Bitcoin can sustain this breakout pace.
At press time, Bitcoin trades at $108,329, marking a 1.87% increase in the past 24 hours. Over the last seven days, the BTC price has climbed 3.93%, according to available market data.
The 24-hour trading volume stands at $29.3 billion, supporting the current upward trend. Analysts now await Bitcoin’s next move as it approaches a critical resistance level.
The post Bitcoin Breaks Key Resistance: $108,900 Level Could Trigger Major Rally appeared first on Blockonomi.
Source: https://blockonomi.com/bitcoin-breaks-key-resistance-108900-level-could-trigger-major-rally/