Key points:
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Bitcoin is due a fresh run at all-time highs, traders believe, but a corrective phase is due first.
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BTC price targets include $107,000, with the six-figure barrier still on the table.
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US inflation data will inform market performance for the rest of the week.
Bitcoin (BTC) sold off at the June 10 Wall Street open as traders took profit on a run past $110,000.
Bitcoin all-time high talk returns after $110,000 tap
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling the $108,500 mark at the time of writing, down around 1.5% from the daily open.
Excitement over potential progress in a trade deal between the US and China had stoked crypto upside overnight, with the second day of talks still ongoing.
“Despite vague affirmations from US officials, with terms like “fruitful” and “good meeting” dominating the post-talks rhetoric, the absence of substantive breakthroughs saw global risk assets pause,” trading firm QCP summarized in part of its latest bulletin to Telegram channel subscribers on the day.
Digesting the latest market performance, crypto commentators agreed that a brief consolidation period should come next.
“The first period of consolidation typically lasts a few days. Then, we’re going to have the next breakout above the ATH,” trader, analyst and entrepreneur Michaël van de Poppe wrote in part of his latest analysis on X.
“Ideal zone to buy? I would estimate around $107,000-$ 108,000.”
Analyst Mark Cullen also flagged $107,000 as a possible dip zone as part of a “quick retrace and fast buy up” for Bitcoin next.
Other scenarios included a second retest of $100,000 support, as well as a $98,000 target in the case of a deeper correction.
“Key levels are 106K, then 98K for bullish continuation into the summer,” Cullen concluded.
Markets “remain in limbo” before CPI
Continuing, QCP noted the imminent slew of US macroeconomic data prints, these including the Consumer Price Index (CPI) and Producer Price Index (PPI) reports for May on June 11 and 12, respectively.
Related: Bitcoin Coinbase Premium hits 4-month high as 550K BTC leaves exchanges
“For now, markets remain in limbo,” it argued.
“With US CPI data scheduled for release tomorrow, investors are treading cautiously. The risk is that continued diplomatic ambiguity morphs into a headwind for broader risk sentiment.”
As Cointelegraph reported, the data will form some of the final US inflation cues before the Federal Reserve meets to discuss interest rates on June 18.
Markets see little chance of a rate cut before September, while US President Donald Trump has repeatedly demanded that Fed action be brought forward.
The results of a poll of economists by Reuters released on the day reiterated expectations of a Q3 rate-cut resumption.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
