Bitcoin may retest the $107,000 mark before setting a new ATH.

Bitcoin (BTC) has bounced back to the zone $110,000 on June 11 after witnessing a slight sell-off the day before, however analysts continue to forecast a new correction before the leading asset can reach ATH.

BTC/USD Chart – 1 Hour | Source: TradingView## Bitcoin may set a new ATH after the correction

Data from Bitcoin Magazine and TradingView shows that BTC/USD is currently fluctuating around the $109,600 mark, down slightly about 0.3% from 24 hours ago. Excitement over potential progress in the trade deal between the United States and China has driven BTC prices up, with the second day of negotiations still ongoing.

"Despite the vague assertions from U.S. officials, with terms like 'progress' and 'good developments' following negotiations, the lack of actual breakthroughs has caused risk assets to pause," trading company QCP summarized in their Telegram update of the day. With the latest market performance, crypto commentators agree that a short-term consolidation phase will take place.

"The first consolidation phase usually lasts a few days. After that, we will have the next breakout to set a new ATH," trader, analyst, and entrepreneur Michaël van de Poppe wrote in a part of his latest analysis on X.

"The ideal zone to buy in is estimated in the range of $107,000 – $108,000."

BTC/USD Chart – 1 hour with RSI data | Source: Michaël Van de PoppeAnalyst Mark Cullen also marked $107,000 as the zone where BTC could retrace as part of a "rapid pullback and quick buying pressure." Other scenarios include a second test of the $100,000 support level, as well as a target of $98,000 in the case of a deeper correction.

"The key levels are $106,000, followed by $98,000 to continue growing into the summer," Cullen concluded.

! BTC/USD Chart – 1 Day | Source: Mark Cullen## The market is "still in limbo" ahead of CPI

QCP pays attention to the series of upcoming macroeconomic data to be released by the United States, including the Consumer Price Index (CPI) and the Producer Price Index (PPI) for May on Wednesday and Thursday.

"Currently, the market remains in a state of uncertainty. With the CPI data from the United States expected to be released tomorrow, investors are being cautious. The risks from the ambiguous trade agreement have turned into a general headwind for the market," the report argues.

The above figures will be the final inflation signals from the United States before the Federal Reserve (Fed) meets to discuss interest rates on June 18. The market shows little chance that the Fed will cut interest rates before September, while U.S. President Donald Trump has repeatedly called for the agency to act sooner.

The results of the economists' survey published by Reuters reaffirm the expectation that interest rate cuts will occur as early as the third quarter.

Vincent