Bitcoin Price Holds Above $106,000 Amid Strong Resistance
Bitcoin price held above $106,000 on June 17 but faced strong resistance near the $107,000 level. Price action remained constrained within a narrow band, with daily candles reflecting waning bullish momentum amid persistent supply pressure at the top of the recent range.
Meanwhile, institutional demand appears to be recovering. According to CoinShares, Bitcoin investment vehicles saw $1.32 billion in inflows during the week ending June 13, marking a sharp reversal after two consecutive weeks of outflows.
The inflow surge helped lift June’s month-to-date total to $1.24 billion, with year-to-date flows reaching $11.45 billion. Bitcoin continues to dominate crypto-linked asset flows, accounting for most total allocations tracked by CoinShares.
Corporate Bitcoin treasury adoption also remains strong as Strategy confirmed another large Bitcoin purchase in its latest SEC filing. Additionally, Metaplanet, a Japan-based investment firm, has surpassed 10,000 BTC in total holdings following a recent accumulation spree. The moves suggest growing institutional appetite despite macroeconomic uncertainty and geopolitical risk.
However, short-term pressure remains. Recent data shows mid-term Bitcoin holders have emerged as key profit-takers, realizing the second-highest daily profit of 2025 last week. With price stuck near resistance and profit-taking accelerating, technical and on-chain signals now point to a potential reversal unless fresh demand absorbs the supply.
Mid-Term Bitcoin Holders Lead Heavy Distribution
Bitcoin’s latest rejection under $107,000 is now reinforced by significant behavioral shifts on-chain. Data from Glassnode shows that mid-term holders—wallets aged between 6 and 12 months—realized $904 million in profits on June 16, the second-highest single-day tally this year.
Wallets that largely accumulated during Q4 2024 and are now emerging as the primary distributors.
This marks a reversal from prior weeks, when older cohorts, particularly those holding longer than 12 months, were responsible for most profit-taking. Now, over 83% of all realized profits come from wallets that are less than a year old. The change suggests that short and mid-term holders reduce exposure near local highs. This is a behavior that is typically associated with mid-cycle distribution.
The SOPR values for the 6–12 month band remain well above 1, confirming that coins from this group are being spent in profit. The activity spike from this cohort lines up with the recent sell pressure near $107,000, where BTC failed to establish a breakout. Meanwhile, SOPR remains flat across older bands, indicating that long-term holders are staying put, avoiding active participation in the market.
This divergence between price action and on-chain behavior suggests increasing caution. As mid-term holders lock in gains, upside momentum is weakening without fresh demand. The timing also coincides with macroeconomic risk events, potentially limiting capital inflows from institutional desks.
Until Bitcoin clears the $107,000 barrier with strong conviction, the prevailing trend appears to favor distribution over accumulation.
Price Fails To Conquer $107,000
Meanwhile, Bitcoin’s price remained pinned below the $107,000 resistance, as repeated intraday rejections confirmed the presence of strong bearish pressure near that level. The failure to close decisively above this mark signals that bulls are struggling to gain momentum in a zone marked by historical congestion and profit-taking.
Despite strong defense of recent gains, sellers continue to absorb bids near $107,000, keeping price capped within a tight range.
If bulls manage to break and sustain Bitcoin price above $107,000, the next upside target emerges near $109,670. This level has previously triggered sharp reversals and remains a key area of interest for breakout traders and large sellers.
Flipping $109,670 with conviction—defined by volume confirmation and multiple daily closes—would likely allow BTC price to approach the next resistance near $114,000, where prior uptrends have stalled.
However, failure to reclaim $107,000 increases the risk of a downside correction. Immediate support for Bitcoin price lies at the 50-day EMA near $103,200. A clean break below this zone would expose Bitcoin to the next support near $99,300. This is a region aligned with prior demand and short-term liquidity pools.
With macro risk events still influencing sentiment, Bitcoin price’s inability to push through key resistance raises concerns about exhaustion at the current range highs. Bulls must decisively reclaim $107,000 to revive upward momentum. Until then, bears are likely to maintain pressure and test lower supports.