Bitcoin has hovered around $103 000 since mid-May, consolidating brisk gains from earlier in the month while bulls wait for a decisive catalyst.
Data from Cointelegraph Markets Pro show repeated but short-lived pushes to $105 000, with $108 000 flagged as the breakout trigger by multiple desks.
Chart watchers share views
Analyst Phoenix told followers, “It’s all just a big shake-out range in before another break-out again.
Patience.”
Byzantine Trader echoed that side-move thesis, arguing calm BTC action would give altcoins room to run.
Trader Roman sees upside if consolidation holds, adding, “Break 108 resistance and 120 is possible.”
Macro backdrop shifts
A softer-than-expected April CPI print initially failed to energize crypto, but markets have since dialed back expectations for a July Federal Reserve rate cut.
QCP Capital wrote that policymakers remain “cautious,” with futures now pricing just two cuts in 2025, down from four.
Even so, risk-asset sentiment has steadied as traders treat the tightening timeline as already discounted.
Technical indicators supportive
Funding rates remain modest, suggesting leverage has not overheated, while the 200-day moving average continues to slope upward near $88 000.
Glassnode data point to reduced exchange balances, implying limited immediate sell pressure if spot demand revives.
Path to six figures
If bulls reclaim $108 000, order-book analysis shows scant resistance until $120 000, a level where option open interest clusters heavily.
Failure to break higher could see a retest of $95 000 support, but most analysts still lean bullish given the constructive consolidation and improving on-chain metrics.