Bitcoin’s recent consolidation above the $104,000 mark may be more than just a pause; it could be the final checkpoint before a new all-time high, according to leading market analyst Rekt Capital.

As the crypto market braces for a major move, the king cryptocurrency’s ability to hold this critical level could determine whether bulls finally take the wheel or sellers reclaim dominance.

The $104,400 Litmus Test

In a newsletter published on June 16, Rekt Capital pointed out that BTC has now spent six consecutive weeks retesting the $104,400 level as support. According to the pseudonymous market watcher, the prolonged retest follows Bitcoin’s breakout from a multi-month “re-accumulation range.”

He reminded investors that BTC took over 240 days to break its post-halving range earlier this year. Holding above $104,400 on weekly closes is paramount: It’s difficult to talk about lower prices until the $104,400 level breaks down, they stated.

Despite brutal sentiment and exhaustion among traders, the actual price pullback from recent highs has been modest at just -10%, representing more of a time-based capitulation rather than a price-driven plunge. In their estimation, failure to hold this level risks a deeper correction.

At the same time, sustained support could pave the way to challenge the final major resistance near $108,890, pushing the asset into what he called Price Discovery Uptrend 2.

As long as BTC holds $104400, then it is positioned for upside over time, declared the analyst.

Though sluggish, the transition is notable for producing higher lows and diamond-shaped formations, technical signals that often precede strong upward movements.

Market Behavior

Even geopolitical jitters caused by the ongoing military conflict between Israel and Iran have failed to derail Bitcoin’s structural support seriously, further strengthening its bullish case.

At the time of writing, BTC was trading around $105,569, a 2% drop over the past 24 hours. It also shaved about 3.4% from its value in the last seven days, while maintaining a 60.2% gain across 12 months.

A tightening consolidation near the cryptocurrency’s all-time high of $111,814 could also signal growing tension, with investor Daan Crypto Trades noting that the monthly range is extremely likely to break in June.

He warned that a large move is coming in the next couple of weeks,” even as on-chain data shared by Axel Adler Jr. revealed a sustained drop in Coin Days Destroyed (CDD) Momentum below zero, indicating reduced selling pressure from long-term holders. Coupled with a continued decline in exchange-held BTC, the setup points toward a market primed for supply shocks.