Bitcoin Stalls Below 20-Day EMA – Is the Bull Run on Hold or Just Catching Its Breath?
Bitcoin’s recent rally is losing steam — and fast. After a sharp bounce from $100,700 in mid-May, the king of crypto surged toward $112,000, only to slam into resistance and retreat. Now, BTC is caught in a tight, frustrating range between the 50% Fibonacci retracement at $106,400 and the 78.6% level near $103,100 — a zone where neither bulls nor bears seem in control.
In Thursday’s Asian session, Bitcoin made a half-hearted attempt to reclaim momentum, rising from $104,800 to $105,300 — but the 20-day EMA put a quick stop to that. Price has since dipped back toward $104,500 in the European session, down 0.2% on the day. The inability to close above the EMA is a red flag, signaling that bulls are running out of gas.
And it gets more tense. Price is hovering just above yesterday’s low of $104,300. A break below this level would mark a new local bottom — and open the floodgates toward $103,100, a crucial support that has held firm... so far. But if tested again, its strength may start to erode, making a deeper correction more likely.
Momentum-wise? It’s not looking great. The 4-hour RSI is slumping at 44 — firmly in bearish territory. The daily RSI sits flat at 50, showing indecision and no clear upward drive. To flip the short-term outlook bullish, Bitcoin needs to snap back above the 20-day EMA and break through $106,400 convincingly. If that happens, we could see the rally toward $112,000 resume quickly.
Until then, the charts suggest sideways chop or potential downside. Flat funding rates and recent long liquidations hint that the market is resetting, waiting for a fresh catalyst. Bitcoin is pausing at a key inflection point — will it break down, or is this just the calm before another explosive move?
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