$BTC Rejected at the Top: Is Bitcoin Preparing for a Deeper Pullback?

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Bitcoin just staged an intense ride: from the $100,410 rebound on June 5 to a sharp climb toward $110,880, only to face heavy rejection and fall back to $105,000. So, is this just a cooldown — or the beginning of a larger correction?

🔍 Technical Breakdown:

📊 Price Structure:

– The recovery from $100K was strong, but the double-top rejection at ~$111K signals a lack of follow-through.

– BTC now trades under all three major EMAs (7, 25, 99). The 7 EMA recently crossed below the 25 — a short-term bearish signal.

– A small relief bounce is underway, but the structure now looks like a potential lower high forming.

📉 Volume Spike & Reversal:

– The rejection candle at $110K was accompanied by a significant volume spike, hinting at profit-taking or even institutional unloading.

– Volume has remained elevated during the drop, reinforcing bearish intent.

🧠 MACD:

– The MACD histogram flipped red on June 12 and is deepening.

– The bearish crossover is now widening — suggesting momentum favors the downside unless bulls step in now.

📈 RSI:

– RSI(6) dropped to oversold (~25) and has now recovered to ~51 — neutral, but still fragile.

– RSI(24) is trending below 50, signaling the bounce may be more technical than trend-changing.

🎯 Key Levels to Watch:

– Support: $104K (local bounce zone), $101K, and $100K (psychological floor)

– Resistance: $106.5K (EMA cluster), $108.5K, and $111K (recent top)

🧭 Trade Setup Outlook:

We may be in the middle of a "lower high" formation, which often precedes another leg down. If BTC can’t reclaim the EMA cluster around $106.5K–$108.5K, bears will eye $101K–$100K for the next move.

That said, holding above $104K with growing volume could still flip the momentum — but time is running out.

🔥 Your Turn

Are you shorting the rally? Buying the dip? Waiting for confirmation? Drop your strategy below — the chart is calling.