Bitcoin spent the European trading hours changing hands near $103,000 after Sunday night’s failed attempt to clear $107,100. The pull-back has done little to dent the conviction of market technician Dr Cat (@DoctorCatX), who argues that the decisive battleground is still three weeks away: the weekly close of 9 June, when the Tenkan-sen is projected to cross above the Kijun-sen on the Ichimoku chart.

What This Means For Bitcoin Price

In a post on X published on May 19, the analyst reminded followers that “some people don’t understand the concept of time-frames,” adding that “while now we have a clear rejection with volume, a lot of people decided to get scared … on the first red 4h candle which even if red, didn’t break support.” He framed the current setback as routine consolidation: “Since tomorrow ~99.9K is a super-strong support,” he wrote, identifying the high-liquidity pocket between $98,900 and $100,200 as an area that is “most likely” to be “bought up pretty quickly and decisively” should spot bids be tested.

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The crux of Dr Cat’s argument lies in the interaction of the fast-moving Tenkan-sen and the medium-term Kijun-sen on the weekly chart. An upward cross of the former above the latter—sometimes colloquially dubbed a “TK golden cross”—carries weight among Ichimoku practitioners because it signals that near-term momentum has finally overwhelmed the baseline trend.

What makes the 9 June close especially delicate is the tightness of the current range. Dr Cat concedes that “it’s unclear which will come first, $99,000 or $109,000—and that doesn’t really matter,” but he is categorical that “any deeper retrace below $98,000 is very unlikely.” The rising Kijun-sen, itself a 26-period mid-point, has in effect ratcheted support higher with every week of sideways trade.

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Macro-sensitive traders will also be working around the publication of the May US Consumer Price Index on June 11—two days after the anticipated TK cross—and the Federal Reserve’s rate-setting meeting on June 17-18. With real-yield expectations still dominating risk-asset positioning, any upside surprise in core inflation could delay the confirmation of bullish chart patterns—or intensify them if the data land dovish.

For now, the market remains range-bound. As long as $99,000 holds on a closing basis and the Chikou-span (lagging line) stays above price, Dr Cat sees little reason to abandon an all-time-high thesis. “If by the time of the cross the price is still holding above Tenkan Sen … if ATH is not seen by then, it should be seen pretty much immediately,” he wrote.

Whether that confidence will survive the macro calendar is another question. What is clear is that both discretionary traders and systematic funds are marking 9 June as the moment the chart either validates the 2025 bull cycle—or postpones it once more.

At press time, BTC traded at $103,721.

Featured image created with DALL.E, chart from TradingView.com

Amid today’s market correction, ChainLink (Link) has lost its recent profits and has returned to a critical level of support. Analysts suggest that monthly ranges above the current range can place cryptocurrencies at a 35% spike.

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ChainLink Retest Important Price Range

ChainLink has once again retested its $14 major support zone, 9.1% down in the last 24 hours. Cryptocurrency surged 15.7% from its low last Friday, hitting an 18-day high of $16 on Wednesday, instantly recovering 35% from this month’s low.

However, a recent market correction has halted most cryptocurrency momentum, returning Bitcoin (BTC) to immerse itself in the $83,700 mark and Ethereum (ETH) in a $1,860 support zone.

Today, Link fell from $15 to $14.07, losing all of its profits on Wednesday. Previously, analyst Ali Martinez noted that cryptocurrencies have been in ascending parallel channels since July 2023.

ChainLink hovered between the upper and lower boundaries of the pattern for half last year, surged to the upper trendlines of the channels with each retesting the lower zone.

Among recent price performance, cryptocurrencies have retested the lower limit of the channel, suggesting that bounces to the higher range could occur if they hold current price levels.

Meanwhile, Rekt Capital highlighted that it is testing a multi-month symmetric triangle pattern where tokens can determine the next move in cryptocurrency.

As analysts explained, Chainlink was integrated within the “macro triangle market structure” for most of 2024, before breaking out of the pattern during the November market rally.

During the breakout in the fourth quarter of 2024, cryptocurrency reached a two-year high of $30.9, but failed to hold this level in the next few weeks. As a result, the price of the link has returned to the Macro Triangle and has been on a downtrend for the past three months.

“The main goal of the link here is to retest the top of the pattern to ensure a successful post-split retest,” Rekt Capital elaborated, “This could be a volatile post-breaking retest.”

Links must maintain this level

Rekt Capital pointed out that historically ChainLink has deviated from the downside of this price range.

Nevertheless, cryptocurrency deviates from “but the actual candle body is in the form of a closure rather than a downside wick.”

Analysts also emphasize that, as in 2021, the link has traded for around $13-5-$15.5 within historical demand areas, testing this zone as support. Based on this, cryptocurrency must successfully hold this territory and “position itself for future rises.”

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Furthermore, retesting is key to regaining the top of the triangle market structure. Destroying and restoring that level will make it accurate for “successful post-destruction retest” and allow it to target a price of $19 in the future.

Analysts concluded that once the link closes one month above the top of the triangle, “positioning prices to ensure a successful retest despite the negative deviation.”

At the time of writing, ChainLink is trading at $14.09, a 6.9% decrease in monthly time frames.

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