Bitcoin (BTC) has once again approached the critical $104,000 price level, reigniting market interest and signaling potential strength in the current price structure. Recent data from on-chain analytics and order book dynamics reveal a growing presence of passive buy-side pressure and deep bid support around this zone. This suggests that $104K is not just a psychological milestone but a technically significant level where institutional and strategic traders may be accumulating.
As of mid-June 2025, Bitcoin’s price action has reflected increased resilience near $104,000, with multiple touches of this level without a decisive breakdown. According to market observations shared by crypto analyst @52kskew, the repeated testing of this price point has been accompanied by visible passive buying — orders placed slightly below the market price that absorb sell-side pressure without aggressively pushing prices higher. This type of activity often indicates confidence among long-term holders and algorithmic trading desks positioning for potential upside.
Market Structure at $104,000
The order book depth across major exchanges, particularly Binance, shows a notable increase in buy-side liquidity around $103,500–$104,000. This clustering of large passive bids suggests strong support infrastructure, making it harder for bears to push prices lower without triggering short-term rebounds.
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In fact, during the UTC morning session on June 18, 2025, Binance reported a 25% surge in BTC trading volume, reaching approximately 12,000 BTC within an hour. Such volume spikes at key levels validate the market's focus and confirm that $104K is being treated as a pivotal decision point by active traders.
Additionally, earlier in the day, a wave of long liquidations occurred as price dipped toward $103,800 — clearing out weaker bullish positions. However, instead of continuing downward, the market stabilized quickly, and fresh buying interest emerged. This "washout" followed by recovery is often a bullish sign, indicating that selling pressure has been exhausted and new demand is stepping in.
Technical Indicators Signal Neutral-to-Bullish Bias
On the 4-hour chart, Bitcoin’s Relative Strength Index (RSI) registered at 48 as of 13:00 UTC on June 18, reflecting neutral momentum. While not yet in overbought territory, the RSI shows stabilization after recent volatility, suggesting that downward momentum is fading.
Key technical levels to watch:
- Immediate resistance: $104,500 — a break above could invite short-covering and re-entry by sidelined bulls.
- Support floor: $103,500 — sustained holding above this level maintains the bullish structure.
- A daily close above $105,000 would strengthen the case for renewed upward momentum toward $110,000.
Moreover, the fear and greed index for Bitcoin rose from 35 (fear) to 50 (neutral) within 24 hours as of 14:00 UTC on June 18. This shift reflects improving market sentiment and reduced panic selling — a healthy development ahead of potential breakout attempts.
Correlation with Traditional Markets
Bitcoin’s movement continues to show moderate correlation with tech-heavy indices like the Nasdaq and S&P 500. On June 17, 2025, the S&P 500 closed up 0.5% at 5,870 points, while the Nasdaq gained 0.7%, reaching 19,500. This broad-market stability likely contributed to improved risk appetite in the crypto space.
When traditional markets exhibit strength — especially in growth-oriented sectors — capital tends to rotate into higher-risk assets like cryptocurrencies. Therefore, ongoing macroeconomic conditions, including interest rate expectations and inflation data, remain relevant for Bitcoin traders.
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Chain Data Confirms Reduced Selling Pressure
On-chain metrics further support the bullish narrative around $104K. Over the past 48 hours, Bitcoin inflows to exchanges have declined by 15%. Since exchange inflows typically precede selling activity, this drop suggests that holders are less inclined to offload their BTC — a sign of growing confidence in price stability or future appreciation.
Lower exchange reserves mean fewer coins are available for immediate sale, which can amplify upward moves during periods of increased demand. Combined with rising buy-side depth in the order book, this creates a favorable environment for price appreciation if positive catalysts emerge.
BTC/USD and BTC/ETH Trading Pairs: Sentiment Update
Market sentiment across major trading pairs remains cautiously optimistic:
- BTC/USD: Traders are watching for a breakout above $104,500 with increasing conviction.
- BTC/ETH: The ratio has stabilized after recent fluctuations, indicating balanced relative strength between the two assets.
This balance suggests that capital is not rotating aggressively out of Bitcoin into altcoins — a pattern often seen during late-stage bull runs. Instead, the current phase appears more consolidation-focused, allowing BTC to build a solid base before its next move.
Frequently Asked Questions (FAQ)
Q: Why is $104,000 such an important level for Bitcoin?
A: The $104K zone has acted as both support and resistance multiple times recently. It features high order book depth, passive buying activity, and coincides with key sentiment thresholds — making it a focal point for traders and algorithms alike.
Q: What does passive buying mean in crypto markets?
A: Passive buying occurs when traders place limit buy orders below the current market price. These orders absorb selling pressure without aggressively driving prices up immediately — often seen as smart money accumulation.
Q: How can I monitor real-time order book depth?
A: Many advanced trading platforms offer order book visualization tools. Look for features like depth charts and cumulative bid/ask volume displays to identify strong support and resistance zones.
Q: Is Bitcoin likely to break above $105,000 soon?
A: While nothing is guaranteed, the combination of declining exchange inflows, rising buy-side liquidity, and neutral-to-improving sentiment increases the probability of a breakout if momentum builds.
Q: How does traditional market performance affect Bitcoin?
A: Strong performance in indices like the S&P 500 and Nasdaq often boosts investor risk appetite, leading to increased capital allocation into volatile assets like Bitcoin — especially during periods of macroeconomic stability.
Q: What should traders watch next?
A: Monitor price action at $103,500 (support) and $104,500 (resistance), along with volume patterns and global equity market trends. A sustained move above $104.5K could open the path toward $110K.
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Conclusion
The repeated defense of the $104,000 level highlights its significance in Bitcoin’s current market structure. With strong passive buying, deep order book support, reduced exchange inflows, and improving sentiment, the risk-reward profile favors patience and strategic positioning over impulsive trades.
Traders should remain alert to both technical triggers and macroeconomic developments. Whether you're engaged in spot trading or using derivatives, understanding order flow and market context at pivotal levels like $104K can make a meaningful difference in execution quality and profitability.
As Bitcoin continues to mature as an asset class, these confluences of technicals, on-chain data, and macro trends will become increasingly essential for informed decision-making.