The largest cryptocurrency, Bitcoin (BTC) 
$105,670, attempted but failed to surpass the $106,000 threshold for the third time during a quiet weekend. This failure led to order books, heated by over $600 million in liquidations, to be shaken, bringing the price down to the $103,000 range within minutes. Despite ongoing macroeconomic tensions due to inflation concerns, the high appetite in the spot market persisted, even as volatility seemed to diminish at the week’s start. Analyst Mags highlighted that $106,000 has now become a psychological and technical stronghold, making it unsurprising that the first attempt failed. According to Mags, the outlook remains positive, with the price chart offering two bullish scenarios.
A Strong Resistance at $106,000
The market, with its “thin liquidity + algorithmic buying” combination, experienced a brief rocket effect on the price chart on Sunday night. The gaps in order books provided opportunities for liquidity hunters, triggering chain liquidations. While the price pulled back, the high levels of open interest and position size in futures trading remain unchanged. This scenario points to sellers having justified confidence at $106,000, yet it also indicates buyers are not giving up.
Mags noted that a repurchase move titled “regaining the range” historically presaged a strong upward move. The analyst emphasized that similar squeezes in previous bull cycles led to breakouts. Mags added that even the price being squeezed for a few days before breaking the resistance could catch large funds off guard. In short, while the resistance is strong, the bullish scenario still holds.
Two Possible Roadmaps for Bitcoin
The first roadmap indicated by Mags suggests Bitcoin’s price could hover around $105,000 before suddenly shooting up. Although rare, this model is “crippling” as most traders await a clear signal; the sudden acceleration after brief consolidation can result in a steep and sharp rise in the graph. A breakout sweeping liquidity upward, supported by a volume boom, could open a corridor extending to $110,000.
The second roadmap presented by the analyst involves a pullback to $99,400, and possibly testing the lower range with a brief wick. Mags mentioned that this scenario is more common, offering a “cleansing pause” rather than inducing panic selling. The analyst anticipates that substantial buying will come into play after confirming support. This will establish a layered base, paving the way for a healthier rise.
While Mags’ roadmaps suggest an overall upward trend, timing and risk management are critical at this juncture.
