Kraken Data Shows Bitcoin Battling Key Resistance Amid Market Uncertainty

Bitcoin's price action has entered a critical phase as it tests key support levels amidst broader market consolidation. According to trading volume data from Kraken, BTC recently retreated to the $104,200 zone, sparking concerns about a potential deeper correction. The cryptocurrency now faces stiff resistance near $106,800 after failing to maintain momentum above $105,650. Technical analysts are closely monitoring the $104,450 support level, where a bullish trend line appears on hourly charts, as this could determine the next directional move for the flagship digital asset. The current market conditions reflect heightened caution among traders, with Bitcoin struggling below both the psychological $106,000 level and the 100-hour moving average. This price action comes as the broader cryptocurrency market shows signs of indecision following recent gains. Market participants are weighing several factors including macroeconomic conditions, institutional flows, and on-chain metrics to gauge whether this consolidation represents a healthy pause before another upward leg or the beginning of a more substantial pullback. The Kraken exchange data provides valuable insights into these market dynamics, particularly in terms of liquidity and order book depth at these critical price levels. As of June 5, 2025, the cryptocurrency community remains divided on the short-term outlook, with some seeing this as a buying opportunity while others await clearer signals of trend continuation.

Bitcoin Tests Support Levels Amid Market Consolidation

Bitcoin's price retreated to the $104,200 zone, reigniting concerns of a deeper market correction. The cryptocurrency now faces resistance near $106,800 after failing to sustain momentum above $105,650. Market participants are closely watching the $104,450 support level, where a bullish trend line appears on hourly charts.

Trading volume data from Kraken shows BTC struggling below both the $106,000 psychological level and the 100-hour moving average. A decisive break above the 50% Fibonacci retracement level at $105,500 could signal renewed bullish sentiment. However, the $106,220 and $106,800 levels loom as critical resistance zones that must be conquered to invalidate the current bearish technical structure.

XRP Price Dips to Support: Is a Bullish Rebound on the Horizon?

XRP price has shown resilience, holding above the $2.050 support level before initiating a fresh upward trajectory. The cryptocurrency outperformed Bitcoin and Ethereum, breaking through key resistance at $0.2150 and $0.20. A bullish trend line is forming with support at $2.185 on the hourly chart, suggesting potential for further gains.

The price recently tested the $2.2816 high before undergoing a correction. Currently trading above $2.20 and the 100-hourly Simple Moving Average, XRP appears poised for another leg up if it can clear the $2.250 resistance zone. The 61.8% Fibonacci retracement level of the recent upward move provides additional support NEAR $2.185.

Market observers are watching for a decisive break above $2.2850, which could signal renewed bullish momentum. The consolidation phase near current levels indicates accumulation before the next potential MOVE higher.