Bitcoin is currently trading within a narrowing range of $103,500 to $108,800, having consolidated since May 30. Analysts suggest that for Bitcoin to continue its upward trend, it must establish a new support level at $107,000. They emphasize this resistance level as critical for initiating a potential rally. Some analysts predict that price consolidation may continue a few more days unless key levels are broken. Notably, liquidity is thickening around the current spot price, hinting at a possible breakout in either direction. QCP Capital mentioned various fiscal catalysts that could favor Bitcoin, with indications of growing institutional demand. However, some traders suggest a potential drop to collect liquidity below $100,000 before a rebound occurs. The need for clear price movements is highlighted, as Bitcoin has struggled to convert previous resistance levels into support recently. Overall, the consolidation pattern appears important for determining the future direction of Bitcoin's price movement.

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