Bitcoin Holds $10.55K Key Level, Analyst Says Long-Term Outlook Still Bullish

On June 2nd, according to TheBlock report, BTC Markets crypto analyst Rachael Lucas stated, "The Bitcoin price is currently at a psychological and technical 'key level,' which has the potential to determine the success or failure of the bull market. Indicators such as the RSI and MACD suggest that the strong bullish momentum is beginning to wane, at least for the time being. Nevertheless, the long-term outlook remains positive. We may be in the initial stage of a new super cycle. Bitcoin's support around $103,000 is relatively firm, with a more stable bottom support around $97,600." Lucas outlined two possible scenarios for Bitcoin in the coming days: "If Bitcoin can maintain the $103,000 to $105,000 range, it is likely to make another attempt to reach $115,000. Conversely, if it drops below $103,000, it may lead to a more significant pullback, with target prices in the $93,000 to $97,000 range. The latter scenario should not be regarded as the end of the overall uptrend but rather as a sign that the market requires more time to prepare for further price increases. Bitcoin's connection with the traditional financial markets is becoming increasingly close, making it more susceptible to economic data, central bank remarks, and geopolitical risks."