Bitcoin was trading at $104,391 on June 2, 2025, with a market cap of $2.074 trillion and a 24-hour trading volume of $20.70 billion. The intraday price fluctuated between $103,939 and $105,804, showing a narrow consolidation range after a pullback from recent highs.
Bitcoin
The daily chart shows that bitcoin is experiencing a cooling-off period after reaching highs near $112,000 in early May. Despite this decline, the downtrend is accompanied by decreasing volume, hinting at weakening selling pressure. Support appears to be forming in the $103,500 to $104,000 range, with buyers potentially eyeing re-entry if bullish candle signals appear around $104,000–$105,000. Meanwhile, resistance lies ahead at $108,000, $110,000, and $112,000 levels, offering short-term profit targets for long positions. This suggests a cautious yet opportunistic stance from traders awaiting signs of a reversal.
On the four-hour chart, bitcoin is in a clear downtrend, failing to break resistance between $105,500 and $106,000. A recent bearish engulfing pattern near this range reinforces the short-term bearish outlook. Moment indicators confirm this, with the Relative Strength Index (RSI) at 51 and the Average Directional Index (ADX) at 22, both signaling a neutral tone but hinting at a loss of direction. Traders are advised to consider short entries on resistance upon signs of rejection, targeting exits near the $103,500 support zone or lower if the break accelerates.
The BTC/USD hourly chart shows a short-term bearish double top pattern, peaking around $105,900 with a neckline around $104,400. Rejection at $105,972 coupled with strong red volume highlights persistent selling pressure on rallies. While immediate support between $103,800 and $104,200 could attract scalpers, any break of this zone on increased volume could lead to a rapid decline to $102,800–$103,000. A momentum (10) reading of −2.835 indicates a short-term oversold condition, offering the potential for intraday bounce trades with tight risk limits.
Oscillator analysis remains largely neutral, with the RSI, Stochastic %K, Commodity Channel Index (CCI), Average Directional Index, and Awesome Oscillator all in a no-man's land. However, the momentum indicator gives a buy signal, diverging from the MACD, which signals a sell. This divergence reflects the market's fractional structure and underscores the ongoing struggle between bullish and bearish short-term forces.
Moving averages (MA) provide a mixed picture, with shorter time frames bearish and longer-term averages remaining bullish. The 10 and 20-period exponential moving average (EMA) and simple moving average (SMA) all give sell signals, confirming recent weakness. Conversely, the 30, 50, 100 and 200-period EMA and SMA suggest that the broader uptrend remains in place. This combination of signals indicates that bitcoin is at a technical crossroads, consolidating before a decisive move.
Bulls Verdict:
Bitcoin remains structurally bullish on higher time frames, with long-term moving averages aligned upwards and support holding around $104,000. If momentum shifts to the upside and volume confirms a reversal, retesting the $108,000–$110,000 resistance zone remains plausible, especially given weakening selling pressure on the daily chart.
Bears Verdict:
Despite long-term strength, short-term and medium-term charts favor the bears, with lower highs, rejection at key resistance levels, and short-term moving averages signaling further declines. Unless bitcoin convincingly recovers the $106,000 level, the risk of a break to $103,000 or lower remains high, especially if volumes increase on a support break.
