Bitcoin has made a significant leap, crossing the $105,000 threshold and reigniting bullish sentiment in the cryptocurrency market. As of June 9, 2025, BTC is trading above this critical level and the 100-hour Simple Moving Average, with a promising bullish trend line forming at $105,350 on the hourly BTC/USD chart. Analysts suggest that a breakthrough above the $106,500 resistance could propel Bitcoin toward $107,600, marking a potential full-blown rally. This surge follows a recent test of the $100,000 support zone, indicating strong buyer interest at lower levels. The current price action reflects growing confidence among investors, with Kraken and other major exchanges witnessing heightened trading activity. Market participants are closely monitoring these developments, as Bitcoin's performance could set the tone for the broader crypto market in the coming weeks.
Bitcoin Price Bounces Past $105K: Is a Full-Blown Rally Back on the Cards?
Bitcoin has surged past the $105,000 mark, signaling a potential resurgence in bullish momentum. The cryptocurrency now trades above this key level and the 100-hour Simple Moving Average, with a bullish trend line forming at $105,350 on the hourly BTC/USD chart. A break above the $106,500 resistance could pave the way for further gains toward $107,600.
Earlier declines saw BTC test the $100,000 support zone before buyers stepped in, driving a recovery above $103,500. The current consolidation phase suggests traders are weighing their next moves. A failure to hold $104,000, however, could reignite bearish pressure.
Nearly $200M in Bitcoin Moved from Kraken as BTC Price Dips Slightly
Blockchain tracker Whale Alert detected two substantial Bitcoin transfers totaling $197 million from Kraken, a U.S.-based cryptocurrency exchange. The transactions, involving 875 BTC ($92.35 million) and 997 BTC ($105.08 million), occurred within an hour, hinting at strategic accumulation by institutional players or high-net-worth investors.
Bitcoin's recent price volatility, influenced by ETF flows and macroeconomic uncertainty, has created opportunities for whales to accumulate during dips. The anonymous nature of the wallet movements aligns with cold storage transfers or long-term holding strategies typical of institutional investors.
Large-scale withdrawals from centralized exchanges often signal reduced immediate selling pressure, as assets moved to private wallets are generally held for extended periods. This activity coincides with a broader market recalibration, where seasoned investors capitalize on temporary price dislocations.
