Bitcoin (BTC) is attempting to reclaim a crucial level as support, which could propel its price to its local range high. A market watcher suggests that this week\u2019s performance could set the tone for the rest of the month. <\/p>\n
After losing the $106,800 level last week, Bitcoin has been trying to reclaim<\/a> this crucial area as support. This recently lost level served as a key support for BTC following its rally to a new all-time high (ATH), with its price hovering between $106,800 and $109,700 before the market retracement.<\/p>\n However, the flagship crypto dropped over 8% from its $111,980 high amid last week\u2019s pullback, hitting a 10-day low near the $102,000 support over the weekend. This week, BTC has recovered the $105,000 range and surged above the $106,500 mark before being rejected from the crucial horizontal level on Tuesday morning.<\/p>\n Despite the recent performance, Bitcoin recorded its highest monthly close in history, after ending May at $104,591, and remains<\/a> within its local range between $103,000 and $110,000.<\/p>\n Analyst Crypto Jelle noted<\/a> that as the cryptocurrency tries to reclaim the $105,000-$106,000 area, the 1.618 Fibonacci level suggests the next target sits around the $130,000 barrier.<\/p>\n Moreover, he highlighted<\/a> Bitcoin\u2019s performance this cycle, pointing out that it is displaying a similar performance to its Q4 2024 rally. Notably, the cryptocurrency recorded a trend breakout, followed by a \u201cpost-breakout chop\u201d before surging to new highs.<\/p>\n Jelle suggested that Bitcoin is in the second stage, after recently breaking out of its early 2025 downtrend line. He also affirmed that Bitcoin\u2019s Power of 3 (Po3) setup is \u201cstill in play\u201d despite the rally pause, targeting the $140,000-$150,000 level during the formation\u2019s price expansion phase.<\/p>\n Based on this formation, the cryptocurrency only has \u201cone last speed bump,\u201d reclaiming the previous ATH levels, before surging to a new high.<\/p>\n Market watcher Daan Crypto Trades affirmed<\/a> that the cryptocurrency will likely have an \u201cinteresting\u201d week and month ahead, as its sideways move has allowed for \u201ca ton of positions that have built up on both sides.\u201d<\/p>\n According to the trader, this suggests there will be \u201ca lot of fuel when price starts trending and breaks out of this local consolidation.\u201d<\/p>\n Previously, he asserted that BTC tends to set the monthly high or low during the first week of the month, followed by a reversal in the other direction and a trend continuation until the new month.<\/p>\nBTC\u2019s Direction To Be Determined Soon?<\/h2>\n