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The price of Bitcoin failed to maintain momentum above $105,000 earlier this week and is currently hovering around $103,400. Despite a strong rebound from $100,762, recent candlestick charts show that the Bollinger Bands are tightening, and the RSI indicator is flattening, indicating that the market is still struggling. The current range-bound oscillation follows several weeks of rising Bitcoin prices, which once soared to $105,787, and has since continued to retreat near the major Fibonacci resistance level.

From a macro perspective, the daily price trend of Bitcoin remains bullish, with the asset's price firmly above the breakout point of the downward trend from March to April. The latest weekly chart formed a long upper shadow below the 0.786 Fibonacci level ($104,929), indicating significant supply pressure. The area around $105,000 was historically a rejection zone, and unless there is a decisive breakout, it will limit further upside.

On the 4-hour chart, the price is still within a narrow consolidation triangle, with lower highs and slightly higher lows. This structure has formed at the 50-day moving average (EMA) slightly above $102,533, which is a key dynamic support level that bulls must defend to maintain control. Any closing price below this support level could exacerbate Bitcoin price volatility, aligning with what we discussed yesterday about retesting the $101,500 and $100,800 regions.

On the weekly chart, BTC reached the 0.786 Fibonacci retracement level, which is a typical sign of weakness following a parabolic rise. This aligns with the daily low point structure, and if the support area fails, it could signal a deeper correction. Watch below for the potential of the $93,000-$98,000 range we discussed yesterday.

Unless macro trading volume triggers a breakout, Bitcoin may hover between the support level of $103,000 and the resistance level of $104,500. If the bulls can break above $104,300 with a 4-hour candlestick closing price confirmed by the RSI and MACD indicators, a rebound to $105,700 to $107,000 is expected. However, if it fails to hold $102,800, it may retest the key breakout regions around $101,500 and $100,800, or even lower.