The Bitcoin price is seeing renewed momentum heading into June 17, following a successful rebound from the $104,000–$105,000 demand zone. While bulls have reclaimed mid-Fibonacci support levels, the market still faces key hurdles near recent supply zones.
After defending the $104,000 base recently , the Bitcoin price today stands at $106,678, up nearly 1% in the last 24 hours. The move comes after a week of sideways action marked by low volatility and consolidation within a narrowing range.
The daily chart now shows BTC pushing back above the 0.5 Fibonacci level at $105,514 and approaching the 0.382 retracement at $106,706. A daily close above this region would reinforce bullish sentiment for the short term.
The Bitcoin price update also reflects improved order flow and minor break-of-structure (BOS) signals on the 4-hour chart, suggesting buyers are regaining control.
From the 4-hour chart, the Bitcoin price recently printed a bullish Change of Character (CHoCH) after defending the $104,000 demand zone. This followed a previous Break of Structure (BOS) to the downside earlier this month, making the current push a reclaim attempt.
Key SMC observations:
This SMC data aligns with the broader bullish recovery and suggests that institutional-style order flow is shifting bullish as long as the $104,000–$105,000 block holds.
The 4-hour chart shows BTC finally breaking through its coiling structure within the $104,000–$106,000 zone. A higher low structure has formed, supported by the Supertrend (green) flip and sustained bullish signals from the Inside Bar Strategy.
Bollinger Bands are widening after a tight squeeze, with price pushing above the midline and nearing the upper band around $107,000. This typically signals incoming expansion in Bitcoin price volatility.
The Keltner Channel also supports the move, with price now above all 4H EMAs (20, 50, 100, 200), confirming a strong bullish alignment. However, the $107,662–$108,181 range (upper Keltner band and Fib 0.236) remains a potential reversal zone.
Momentum indicators are showing a supportive bias. The 4-hour Momentum (Mom) indicator sits at +1,786, marking the highest reading in over a week. Meanwhile, the Awesome Oscillator (AO) on the 30-minute chart has flipped green with rising histogram bars, supporting the view of increasing upside strength.
Directional Movement Index (DMI) shows a +DI (blue) crossover above -DI (orange) with ADX rising to 31, indicating a strengthening trend on the intraday timeframes.
On the volume front, OBV on the daily chart has begun rising after a prolonged flattening phase, pointing to growing accumulation behind the move.
The Bitcoin price action is also supported by the daily candle forming a higher low and a bullish engulfing setup against the June 13 candle. If this holds, it could further validate the shift in short-term bias.
The Bitcoin price is climbing today due to a combination of technical factors. A bullish breakout from the liquidity sweep near $104,000, paired with confirmation from multiple trend indicators, has created an upward push.
Key catalysts behind this short-term recovery include:
That said, Bitcoin still needs a clean close above $108,181 to flip the macro structure fully bullish again.
In summary, the Bitcoin price update for June 17 signals a short-term bullish recovery. As long as BTC holds above $105,500, the path toward $108,000–$110,500 remains open. However, traders should monitor volume and momentum near $108,181 for signs of
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