Bitcoin retreated at the June 10 Wall Street open, retracting modest gains from its recent rally past $110,000.
At time of writing, the BTC/USD pair hovered near $108,500, down roughly 1.5 % from the day’s open, according to Cointelegraph Markets Pro and TradingView.
Momentum had been supported by optimism surrounding potential progress in U.S.–China trade negotiations, which entered their second day.
Trading firm QCP observed that although U.S. officials described the discussions as “fruitful” and a “good meeting,” there were no concrete breakthroughs, causing risk assets to stall.
Analysts now anticipate a period of pause before the next move. Veteran trader and analyst Michaël van de Poppe shared on X that consolidation typically lasts a few days, followed by another breakout above the all‑time high.
He pinpointed $107,000–$108,000 as a key zone for potential entry.
Similarly, Mark Cullen highlighted the $107,000 level as a likely dip point for a “quick retrace and fast buy up.”
He also noted alternative scenarios in which Bitcoin might revisit $100,000 support or even decline to $98,000 before resuming its upward trajectory.
Cullen emphasised that $106,000 and $98,000 are critical levels for maintaining bullish momentum into the summer.
QCP cautioned that the market is “in limbo” ahead of major U.S. macroeconomic releases this week, namely the Consumer Price Index (CPI) and Producer Price Index (PPI).
These reports, set for Wednesday and Thursday, may influence risk sentiment, especially if global trade rhetoric remains vague.
They noted that with CPI due tomorrow, investors are adopting a cautious stance, and diplomatic uncertainty could undermine broader market sentiment.
These inflation reports serve as one of the final key data points before the Federal Reserve’s June 18 meeting on interest rates.
Current market expectations suggest no rate cuts before September, despite calls from former U.S. President Donald Trump for earlier action.
A Reuters poll published today reinforced forecasts for rate cuts resuming in the third quarter.