The Bitcoin price has not exhibited the same momentum it showed at the start of last month throughout June. Since hitting a new all-time high in May, the leading cryptocurrency has somewhat struggled to break out of its consolidation phase. Recently, the Bitcoin price fell under bearish pressure, dropping to approximately $101, 000 on Friday, June 6. Although the market leader saw some recovery going into the weekend, a notable blockchain analytics firm has highlighted key levels to watch if Bitcoin returns to the $100, 000 range in the coming days. Next Support Levels for BTC On June 6, crypto analytics company Sentora (formerly IntoTheBlock) posted on the social platform X an intriguing on-chain analysis related to Bitcoin’s recent dip near $100, 000. Their data indicates important support levels lying just below the six-figure mark. This analysis derives from examining the average cost basis of various Bitcoin holders and the distribution of BTC supply around the current price.

Essentially, cost-basis analysis assesses how likely a price level is to act as support or resistance, depending on the volume of coins last purchased by investors at that level. As illustrated in the accompanying chart, dot size corresponds directly to the volume of BTC acquired within each price range and the potential strength of that area as support or resistance. In other words, larger dots represent a greater number of coins bought, suggesting stronger support or resistance. Green dots indicate support levels (generally situated below the current price), whereas red dots denote resistance (above the asset’s current price). According to Sentora’s data, Bitcoin appears to have significant support in the $95, 000 to $99, 000 region due to substantial accumulation by investors. This price bracket could serve as an on-chain buffer, as investors with cost bases around these levels are likely to defend their holdings by purchasing more coins if Bitcoin’s price approaches that zone. Sentora noted that if bulls successfully hold this support region, Bitcoin might experience a prolonged rally. Conversely, the analytics firm cautioned that failure to maintain this level could trigger increased volatility. Bitcoin Price Snapshot At the time of writing, BTC trades just above $104, 400, marking an approximate 3% gain over the past 24 hours.