Bitcoin's $105,500 Pivot: What's Next? 🚀

As June begins, Bitcoin has settled at $105,597, finding stability after recent volatility. According to Rachael Lucas, a BTC Markets analyst, Bitcoin has reached a pivotal psychological and technical point. Despite waning bullish momentum indicators like RSI and MACD, the long-term outlook remains positive, suggesting the onset of a new super cycle. Lucas outlines that Bitcoin's support is firm around $103,000, with a more substantial base at $97,600. Two scenarios are possible: maintaining above $103,000 could propel it to $115,000, while dipping below $103,000 might lead to corrections, targeting $93,000 to $97,000. Even such a downturn wouldn't necessarily mark the end of the uptrend. Institutional investments heavily favor Bitcoin, sidelining altcoins, as reported by Min Jung from Presto Research. This corporate interest, mainly driven by firms like Strategy, Metaplanet, and Twenty One, raises questions on its sustainability. Lucas remarked that Bitcoin's narrative has shifted from 'digital gold' to a strategic asset tied to broader economic and geopolitical factors, enhancing its appeal in diversified portfolios. Note that while this article provides insights, it should not be taken as financial advice.