The $103K fair value gap zone remains untouched and may offer a solid base for a bullish recovery move.
A failed breakout near $110K has placed pressure back on the key support range around $103K to $105K.
The golden cross just above $94K combined with high interest at $102K may shape Bitcoin's next rally.
Bitcoin’s daily chart shows another failed breakout near $110K with price reversing sharply after touching resistance. Price action now rests around $107K as traders watch the untouched Fair Value Gap (FVG) zone and recent Golden Cross signal. With market volatility increasing, questions rise about whether BTC will bounce back or revisit lower support levels.
Source: X A Second Failed Breakout Raises Market Caution
BTC attempted a breakout above $110K but failed again, mimicking a pattern last seen in late 2024 near $38K. The recent push followed a clean move from $92K, driven partly by bullish sentiment after the appearance of a Golden Cross setup. However, resistance capped price near $110K as sellers stepped in to halt the advance.
Technical signals show that the FVG formed before the breakout remains untouched, adding importance to the $103K to $105K range. Traders now anticipate a potential retest of this zone, which previously provided strong support. This zone sits directly above the 200-day moving average, currently trending at $94.8K.
The pattern repeats a structure observed in late Q4 2024 where an initial failed breakout led to a retest of an unfilled FVG. That move was followed by a strong rally once the gap was filled, indicating that similar conditions might support another leg higher if support holds.
The Golden Cross Could Define the Next Move
A key bullish signal appeared recently when the 50-day moving average crossed above the 200-day average, forming a Golden Cross. Historically, this indicator has preceded upward moves when paired with strong support levels, especially in trend reversal scenarios. In this case, the Golden Cross emerged just before the most recent run toward $110K.
The location of the current FVG aligns with the zone where the Golden Cross occurred, offering potential for technical confluence. If the FVG is revisited and holds, it may trigger a renewed rally that could push Bitcoin toward $120K targets. However, if buyers fail to step in near $104K, downside risk to $95K could grow.
Volume profile analysis reveals significant trading interest near the $102K mark, which matches historical accumulation levels from late April. This range could serve as a battleground between bulls and bears in the coming sessions. Market participants are watching closely to see if previous price behavior repeats.
Can the $103K Zone Act as a Launchpad Once Again?
One major question remains: will the $103K FVG level become the foundation for Bitcoin’s next leg higher into uncharted territory? Traders are examining similarities to the previous move that started from a failed breakout and led to a rally above $115K. That structure began with a return to an untouched FVG just below the 50-day average.
Currently, the FVG zone is just under the failed breakout level and sits directly above the last consolidation base from early May. If price revisits this level and holds, a powerful surge toward $123K could follow based on recent price symmetry. Still, a breakdown through this area might extend a correction toward $95K or lower.
Market watchers now focus on this pivotal range and the next two daily candles to determine short-term direction. Bitcoin’s movement in the $103K to $107K zone will likely influence momentum heading into June.
