Bitcoin (BTC) Smashes $106K as ’Chopsolidation’ Drags On—Brace for the Next Move
Bitcoin’s price action is stuck in a high-stakes limbo—flirting with six figures but refusing to commit. Traders are sweating as the king coin dances around $106,000, trapped in a consolidation pattern that’s either building rocket fuel or setting a bull trap.
Volatility? Suppressed. Liquidity? Thin as a crypto influencer’s justification for their latest shitcoin shill. The market’s stuck in 'chopsolidation' purgatory—where every breakout attempt gets smacked down by profit-takers and institutional algos playing ping-pong with retail emotions.
Meanwhile, Wall Street’s latecomers are still waiting for a 'dip' that never comes—classic fiat-brain logic in a market that’s up 150% year-to-date. The only consolidation happening there? Copium reserves.
US stock market to open after holiday
Source: TradingView
There was no trading on the US stock market on Thursday for Juneteenth National Independence Day. Therefore, it will be very interesting to see how the market reacts to developments on the Israel/Iran situation and the latest pronouncements from the Federal Reserve FOMC meeting which wrapped up on Wednesday.
The weekly chart for the S&P 500 shows the spectacular v-shaped recovery after the TRUMP tariffs collapse. However, having got back to the major 6,000 point resistance level, it could be that the recovery is running out of steam. The markets open very soon, so more will be known by the end of the trading day.
More chopsolidation, but back to a higher range?
Source: TradingView
In the short-term time frame for $BTC it can be seen that the price has just risen above the $106,000 resistance. If it can also pierce through the descending trendline, this WOULD leave the path open for the bulls to attempt to lift the price above the last swing high at $109,000.
This isn’t to say that the price will carry on back to the all-time high, but rather that the ‘chopsolidation’ can continue, until such time as things start to improve geopolitically or economically, or until the all-important force of global liquidity drives assets higher again.
Weekly momentum indicator turning back bullish
Source: TradingView
Zooming out into the weekly time frame the sideways price action can be seen to be building on top of the price structure formed from late 2024 and into January of 2025, while at the bottom of the chart, the Stochastic RSI on the weekly time frame is showing that the fast (blue) indicator is shaping to turn back up again.
This is hugely critical for bullish price action going forward. If, by the end of Sunday, this indicator is still posturing upwards, and better still, if it manages to cross back above the slow (orange) indicator line, positive price momentum can continue to FLOW into Bitcoin, potentially providing the fuel to take the price up past the $112,000 high and into further price discovery.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
