Bitcoin seeks support and eyes breakout above $102,500

Bitcoin proves once again that it’s not done showing resilience. After a sharp drop below $101,000, the price rebounds surprisingly fast, briefly climbing towards $102,000. According to analysts, the worst may be over, though it’s still too early to call a full trend reversal.

Key zones are holding up

According to Michaël van de Poppe, the second scenario played out: liquidity below $100,500 was taken out, followed by an immediate reversal. If Bitcoin manages to break $102,500, further upward movement is likely, he says. At the time of writing, Bitcoin trades at $101,486, a 1.32% drop in 24 hours, with a trading volume of $63 billion.

#Bitcoin bounces up swiftly.

The second option is filled, peak liquidity taken beneath the low at $100,500 and quick reversal upwards.

I think we’ll stall for a bit, and once it breaks $102,500, it will likely accelerate upwards and then, the correction is over. pic.twitter.com/d6I12ZMhS7

— Michaël van de Poppe (@CryptoMichNL) June 23, 2025

On the supply heatmap from Checkonchain, it’s clear that the current zone between $92,000 and $107,000 has historically seen heavy activity. Investors defended this range strongly, and the price has been moving within this broad channel for weeks.

Price seeks support, liquidity sparks reversal

The recent price action has largely been driven by liquidity grabs. Below $100,500, a lot of capital was removed, which led to a quick spike upward. On van de Poppe’s analysis chart, two buy zones are visible: one around $101,000 and a second below $100,000. That second zone was briefly touched, followed by an immediate rebound.
If the price falls again, on-chain data highlights two notable levels where support may emerge. The first is the ‘realized price’ for short-term holders, around $98,300. The second lies much lower at $70,600, the average price at which the current Bitcoin supply was purchased.

For now, the market seems calm. Traders are watching whether Bitcoin can build enough momentum to break the $102,500 level. If it does, analysts believe a repeat of the upward move earlier this month is likely.