Bitcoin Targets $106K Liquidity Zone

Bitcoin (BTC) surged toward $106,000 during the June 3 Wall Street trading session as bullish traders attempted to solidify a market recovery. The move came after BTC briefly dipped below its 2024 all-time highs, with analysts noting concentrated liquidity pools both above and below current price levels.

Key Support Levels Emerge

Market data reveals substantial buy orders totaling $263 million stacked between $97,750 and current prices. This defensive wall suggests institutional investors are actively preventing deeper retracements. Trading resource Material Indicators highlighted: ——Any significant additions to this bid liquidity could maintain upward price pressure—— while cautioning that new highs may require stronger volatility catalysts.

【Notable Data】
• $260 million in buy orders supporting $97K-$106K range
• Liquidation clusters identified at $103K (downside) and $110K (upside)
• Yearly opening price acting as secondary support level

Profit-Taking Fails to Mirror Past Tops

Glassnode's latest analysis shows Bitcoin investors locking in average profits of 16%, with fewer than 8% of historical trading days proving more lucrative. However, the research firm observed the current profit-taking activity lacks the intensity typically seen at major market tops. Their Spent Output Profit Ratio (SOPR) metric indicates no signs of the "euphoric" selling that characterized previous cycle peaks.

Market Structure Remains Bullish

Despite recent volatility, traders maintain an overall optimistic outlook. Popular analyst Daan Crypto Trades noted ——The trend undoubtedly remains upward—— while pointing to untapped liquidity zones that could trigger sharper moves. Order book data from CoinGlass confirms dense clusters of stop-loss orders that may fuel either breakout or breakdown scenarios in coming sessions.

Interestingly, the market appears to be balancing between short-term profit-taking and long-term holding behavior. This dynamic creates what some analysts describe as a "compressed spring" scenario - where neither bulls nor bears have established clear dominance, potentially setting the stage for explosive future movement.

Technical Outlook

Chart analysis shows:
• Immediate resistance at $106,000 (June 3 high)
• Critical support zone between $97,000-$100,000
• Trading volume patterns suggesting accumulation below $104K

As the market digests these developments, all eyes remain on whether Bitcoin can sustain its position above psychologically important levels. The coming week's price action may determine if this consolidation phase evolves into a springboard for new highs or a platform for deeper correction.