Bitcoin encountered surprise selling pressure as it approached the latest daily close, prompting speculation about a potential retest of key support levels before achieving new all-time highs in BTC price.

As of June 7, Bitcoin maintained a tight range around $71,000, with analytics tools signaling the possibility of revisiting lower levels.

Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin's price rebounded after touching intraday lows of $70,120 on Bitstamp just before the daily close.

Throughout the week, Bitcoin exhibited a recurring pattern of approaching resistance below its all-time highs, often accompanied by significant downside wicks. The latest downward movement on June 5 saw BTC/USD briefly drop to $69,600 before recovering.

According to trading resource Material Indicators, market indicators were suggesting a potential return to crucial support levels around $69,000.

"Both Trend Precognition algos are showing new #TradingSignals indicating that it may be time to retest local support," Material Indicators commented, highlighting signals from its proprietary trading indicators.

Material Indicators co-founder Keith Alan expressed a positive sentiment about the prospect of testing the $69,000 support level, considering it a significant psychological barrier for traders. However, he cautioned that unforeseen events, such as an unexpected Unemployment Report or a sudden market downturn, could lead to further price declines.

Market observers noted considerable Bitcoin sales from major exchanges like Binance and Coinbase during the June 6 U.S. trading session, with 2,000 BTC sold on Coinbase alone.

Despite short-term fluctuations, analysts like Michaël van de Poppe and Keith Alan emphasized Bitcoin's overall readiness for a breakout to new all-time highs. Van de Poppe highlighted the potential for altcoins to benefit from Bitcoin's stability, while Alan attributed Bitcoin's slow progress to whales suppressing the market to protect their short positions.

Looking ahead, $71,900 emerged as a key liquidity level above spot price, according to data from monitoring resource CoinGlass. This suggests that Bitcoin's price action remains closely watched by traders and investors anticipating potential breakout opportunities.