CoinDesk analyst and chartered market technician Omkar Godbole stated that the current Bitcoin price has retreated to the 50-day simple moving average (SMA), which has provided support and pushed prices up twice this month.

Therefore, this retest of the moving average offers bulls an opportunity to establish a trend—turning the 50-day average into a launchpad for a new round of upward movement. Conversely, if the 50-day average support is lost, it could trigger stronger selling pressure, leading to a price drop below the $100,000 mark.

From a market perspective, the bearish forces seem to have the upper hand. The strength of the rebound from the 50-day average has gradually weakened: on June 5, during the first test of the moving average, Bitcoin rebounded over $10,000 from $100,500; whereas during the second test on June 17, the rebound was only from $103,000 to $109,000.

The doji candlestick chart formed over the past week also shows that bullish momentum has shown signs of fatigue above the $100,000 mark. To revive the short-term bullish outlook, Bitcoin needs to break through the key resistance level of $110,000 with significant volume.