Bitcoin spent the European trading hours near $103,000 after a failed attempt to clear $107,100. Despite this pull-back, market technician Dr. Cat maintains that the decisive battleground for Bitcoin will be the weekly close of June 9.
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This is the projected date when the Tenkan-sen is expected to cross above the Kijun-sen on the Ichimoku chart, potentially setting the stage for significant price action. Dr. Cat reminded followers of the importance of understanding time-frames.
https://x.com/saylor/status/1924512531491569810
He emphasized that while the market faced a clear rejection with volume, the current setback is part of a routine consolidation. He pointed out that the high-liquidity pocket between $98,900 and $100,200 would likely be “bought up pretty quickly and decisively” if tested. The crux of Dr.
Cat’s argument lies in the interaction of the Tenkan-sen and Kijun-sen on the weekly chart. The anticipated upward cross, often referred to as a “TK golden cross,” is significant among Ichimoku practitioners as it signals near-term momentum overwhelming the baseline trend. Dr.
Decisive June 9 trading close
Cat highlighted the tightness of the current range, noting that both $99,000 and $109,000 are crucial levels, though he considers a deeper retracement below $98,000 to be very unlikely. The rising Kijun-sen has effectively raised the support level each week of sideways trading. Macro-sensitive traders are also keeping an eye on the May US Consumer Price Index, set to be published on June 11, and the Federal Reserve’s rate-setting meeting on June 17-18.
Any surprise in core inflation could either delay or amplify bullish chart patterns. For now, the market remains range-bound. As long as $99,000 holds on a closing basis and the Chikou-span stays above price, Dr.
Cat sees little reason to abandon a bullish outlook. “If by the time of the cross the price is still holding above Tenkan-sen, an all-time high should be seen pretty much immediately,” he stated. Whether this confidence will endure through the upcoming macro events remains to be seen.
Both discretionary traders and systematic funds are marking June 9 as a pivotal moment that could either validate the anticipated 2025 bull cycle or postpone it once more. At press time, Bitcoin traded at $103,721.