Bitcoin was unable to break above the $110K barrier and is currently sitting below the 4-hour resistance of $108,789.
A break below 105,100 may invite further weakness with 100,718 and 95,514 as the important supports.
There is a strong resistance between $110,572 to 111,980; a breakout may be directed to 117,129 and 145,000.
Bitcoin is still trading in a tight range, its value now at $108,142 after a 0.8% decline over the last 24 hours. The cryptocurrency continues to be confined between key support and resistance on the 4-hour and daily chart. Most critically, the resistance level of $110,000 was able to hold firm, and the recent close on the 4-hour chart below the prior $108,789 level tracked. Irrespective of near-term fluctuations, analysts are waiting for more robust confirmations before calling trend reversals.
Source: (X)
As of July 5, the action within $110,000 to $105,000 is not so terrible. Technically, the price action in this region still appears good for now. A strong 4-hour close below the $105,100 support would be an indication of potential downtrend extension. So long as that level is not broken, attempts to recapture the local top are still in the cards. The level is now a primary pivot for short-term trend identification.
Resistance and Breakout Levels Above $111,980
Key resistance levels are currently placed at $110,572 and $111,980. A break above this zone, if supported by strong volume, may lead to renewed upside momentum. Should the daily price close above $111,980, analysts would then track further resistance targets at $117,129 and potentially $145,000. These levels will remain relevant only if buyers step in with conviction to reclaim higher ground.
Bitcoin Maintains Structure Above Key Daily Support Zone
On the broader timeframe, the primary level being monitored is the daily support at $100,718. This zone has maintained stability and serves as a buffer for any mid-term declines. A break and close below 100,718 can reopen a further downside action towards 95,514.
The next significant support will be around the decreasing range of between 91,652 and 90,479 as shown as a pink bound box in the chart below that. At the time of writing, the new formation above $100, 718 stands strong and powers are monitoring.
