Bitcoin is currently trading around $105,500, up a modest 1.1% in 24 hours, after a volatile week that saw prices swing between $100,400 and $106,500.
While short-term price action appears calm, with the king cryptocurrency locked in a narrow 24-hour range of $103,500 to $105,800, underlying signals hint at seismic moves ahead. And with the asset now 6.2% down from its May 22 all-time high, the crypto community is divided: double top or liftoff?
Double Top Déjà Vu?
Pseudonymous analyst Cryptowizard took to X on June 7 with a chart comparison between Bitcoin’s current structure and the infamous 2021 double top.
“Bitcoin’s price action is starting to look familiar,’” they wrote. “Just like in 2021, we’re seeing a potential double top formation plays out. Are we setting up for a retrace or $150K next?”
That question has ignited debate across the community. Investor Trade Pro isn’t buying the bearish narrative. “Make no mistake about these pullbacks. I think they are buying opportunities… All signs point to strong continuation to new all-time highs,” they asserted, citing strong on-chain metrics.
Backing that bullish case, Gracy Chen of Bitget says the macro picture is playing directly into Bitcoin’s hands. Trump’s latest 1% rate cut proposal and over $500 billion in expected U.S. Treasury borrowing by Q4 hint at a liquidity tsunami.
“Globally, monetary easing is no longer a question of if, but when,” she noted, calling BTC the ultimate hedge in a world increasingly skeptical of fiat stability. “Bitcoin was built for these shifts.”
Market watcher Axel Adler Jr. also noted that the 30-day volatility is now “highly compressed,” a setup that could just be the basis for a substantial market swing.
Meanwhile, institutional buying continues to lock up supply. Swan CIO Ben Werkman pointed out that allocators, rather than traders, are driving this cycle, accumulating BTC without intent to sell.
“62% of Bitcoin hasn’t moved in over a year,” noted Swan, suggesting that historic dormancy often precedes liftoff, as was the case in 2016 and 2020.
Resistance Ahead?
Still, not everyone is convinced the pump is near. According to Glassnode, at this time, the Short-Term Holder Cost Basis sits at just above $97,000, with crucial thresholds at $83,200 and $114,800.
The blockchain analytics firm predicts that a break below $100,000 could ignite another liquidation cascade, especially after Friday’s $988 million in long liquidations triggered by the very public tiff between U.S. President Donald Trump and his erstwhile political ally, Elon Musk.
Even Daan Crypto Trade isn’t ruling out a deeper retracement. “Below yesterday’s lows at ~$100K and I think we’ll keep trending down for another 1–2 weeks,” he posted on X, pointing to BTC’s weakening correlation with stocks and a sluggish bounce from recent lows.
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