Key Support Zone:
Bitcoin $BTC is currently holding above the $104,000 support, a crucial level tested multiple times. A breakdown below this may lead to deeper losses.
Resistance Levels:
Immediate resistance is seen near $106,500, followed by $108,000. A successful breakout above these could open the path toward $110K.
Chart Structure:
Price action shows signs of consolidation with lower highs forming, suggesting a potential symmetrical triangle or descending channel.
Indicators:
RSI (Relative Strength Index) is neutral, hovering around 50, indicating indecision.
MACD shows weakening bullish momentum with a potential bearish crossover on lower timeframes.
Moving Averages: BTC is trading near the 50 EMA on the 4H chart and remains above the 200 EMA, suggesting mid-term bullish bias still holds.
Bearish Scenario:
A close below $104K could push BTC down to test $102K and possibly $100K–$98K range.
Bullish Scenario:
Holding $104K and pushing above $108K may trigger bullish continuation toward $112K–$115K.
Bitcoin remains in a tight consolidation zone near the $104,000 support, and the short-term outlook leans slightly bearish unless bulls step in with volume. Price is stuck between $104K and $106.5K, with lower highs forming — a sign of weakening momentum. If BTC breaks below $104K and closes under $103.5K, this could open the door to further downside toward $101.5K and potentially the $98K–$100K demand zone.
Momentum indicators like RSI are drifting below neutral (around 45 on the 4H chart), and MACD is starting to flip negative, hinting at building bearish pressure. Additionally, Bitcoin is struggling to reclaim the 4-hour 50 EMA, which is acting as dynamic resistance.
On the bullish side, if buyers defend the $104K level and manage to push the price above $106.5K and then $107K with convincing volume, this could flip momentum and spark a move back toward $108.8K and potentially $110K.
For now, the market is in wait-and-see mode. Bulls need to show strength quickly, or bears could take control of the next move.
