⏳ Bitcoin Trapped Below 20-Day EMA — Will Bulls Regain Control Soon?

After its dramatic retreat from $112,000, bitcoin price activity remains indecisive. After rising from $100,700 in mid-May, bullish momentum slowed, resulting in a regression and sideways consolidation. For six days, prices have ranged between the Fibonacci 50% level at $106,400 and the 0.786% retracement support at $103,100.

Bitcoin stops below 20-day EMA, possible drop to $103,100.
As RSI ranges for 6 days, rising momentum is unclear.
Resuming uptrend toward all-time high requires break over $106,400.

Bitcoin momentarily rose from $104,800 to $105,300 during Thursday's Asian session, but it halted around the 20-day exponential moving average. That resistance level capped pricing and lowered it. Bitcoin is at $104,500 in the European session, down 0.2% intraday. Not reclaiming the 20-day EMA has moved near-term bias down.

Price is near the previous day's low at $104,300, increasing the danger of a drop. A dip below that level would mark a new three-day bottom and likely increase selling pressure toward last week's low around $103,100, the May rally's 0.786% Fibonacci retracement. That level has always attracted buyers, but another test might weaken it.

Bitcoin range structure inhibits upward, RSI at 44 indicates poor momentum.
There is scant momentum evidence for a short-term positive turnaround. The 4-hour RSI is bearish at 44, but the daily RSI is level around neutral 50, suggesting no quick upward momentum.

Bitcoin must retake the 20-day EMA and break $106,400 barrier to favor bulls in the short term. A breakthrough over the 50% Fibonacci level might extend the uptrend from $100,700 to $112,000. Technical structure suggests range trading or additional weakening until then, particularly if sellers force a retest of $103,100.

Bitcoin hesitates at crucial barrier at $106,900 following three-day rise. Flat financing and recent long liquidations suggest a reset before breakthrough.

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