- Bitcoin recovered strongly from yesterday's sell-off to $100,430, triggered by escalating political tensions between Elon Musk and Donald Trump, and is now trading near $105,000.
- BTC is currently testing the upper resistance trendline of a broadening wedge pattern around $104,680, which will determine its next directional move.
- A successful breakout above resistance could drive Bitcoin toward its all-time high zone near $111,980, attracting momentum traders and bullish sentiment.
- If the breakout fails, Bitcoin could face another pullback toward the $100,000 support zone, with the next few price candles being decisive.
Date: Fri, June 06, 2025 | 06:20 PM GMT
The broader cryptocurrency market is staging a strong comeback following yesterday’s sharp sell-off, driven by the escalating political tensions between Elon Musk and Donald Trump. This drama triggered panic selling that sent Bitcoin (BTC) briefly down to $100,430.
However, BTC has since recovered and re-entered the green zone with conviction, now trading just shy of $105,000 as bulls attempt to regain momentum.
Approaches Key Trendline
A closer look at the 4-hour chart reveals that BTC has bounced strongly from the lower boundary of a broadening wedge pattern near $100,372. Since then, BTC has sharply and is now testing the upper resistance trendline of this broadening wedge, currently hovering around $104,680. This region is crucial as it marks the zone where either a breakout or a rejection could dictate BTC’s next move.
If BTC manages to break out above the resistance trendline and confirm the move with a successful retest, it could pave the way for a rally toward the all-time high zone near $111,980. This potential move would likely attract momentum traders and trigger fresh bullish sentiment across the market.
On the flip side, a failed breakout attempt could result in another pullback, with price likely revisiting the $100,000 support zone.
What’s Next for BTC?
As of now, BTC remains locked in a battle between bullish momentum and trendline resistance. While the setup shows a slight favor towards a potential pullback, confirmation is still pending. Traders should keep a close eye on price action around the wedge resistance — the next few candles could be decisive.
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