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Bitcoin spent the European trading hours changing hands near $103,000 after Sunday night’s failed attempt to clear $107,100. The pull-back has done little to dent the conviction of market technician Dr Cat (@DoctorCatX), who argues that the decisive battleground is still three weeks away: the weekly close of 9 June, when the Tenkan-sen is projected to cross above the Kijun-sen on the Ichimoku chart.
What This Means For Bitcoin Price
In a post on X published on May 19, the analyst reminded followers that “some people don’t understand the concept of time-frames,” adding that “while now we have a clear rejection with volume, a lot of people decided to get scared … on the first red 4h candle which even if red, didn’t break support.” He framed the current setback as routine consolidation: “Since tomorrow ~99.9K is a super-strong support,” he wrote, identifying the high-liquidity pocket between $98,900 and $100,200 as an area that is “most likely” to be “bought up pretty quickly and decisively” should spot bids be tested.
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The crux of Dr Cat’s argument lies in the interaction of the fast-moving Tenkan-sen and the medium-term Kijun-sen on the weekly chart. An upward cross of the former above the latter—sometimes colloquially dubbed a “TK golden cross”—carries weight among Ichimoku practitioners because it signals that near-term momentum has finally overwhelmed the baseline trend.
What makes the 9 June close especially delicate is the tightness of the current range. Dr Cat concedes that “it’s unclear which will come first, $99,000 or $109,000—and that doesn’t really matter,” but he is categorical that “any deeper retrace below $98,000 is very unlikely.” The rising Kijun-sen, itself a 26-period mid-point, has in effect ratcheted support higher with every week of sideways trade.
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Macro-sensitive traders will also be working around the publication of the May US Consumer Price Index on June 11—two days after the anticipated TK cross—and the Federal Reserve’s rate-setting meeting on June 17-18. With real-yield expectations still dominating risk-asset positioning, any upside surprise in core inflation could delay the confirmation of bullish chart patterns—or intensify them if the data land dovish.
For now, the market remains range-bound. As long as $99,000 holds on a closing basis and the Chikou-span (lagging line) stays above price, Dr Cat sees little reason to abandon an all-time-high thesis. “If by the time of the cross the price is still holding above Tenkan Sen … if ATH is not seen by then, it should be seen pretty much immediately,” he wrote.
Whether that confidence will survive the macro calendar is another question. What is clear is that both discretionary traders and systematic funds are marking 9 June as the moment the chart either validates the 2025 bull cycle—or postpones it once more.
At press time, BTC traded at $103,721.
Featured image created with DALL.E, chart from TradingView.com
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