BTC price fluctuates below $109,000

Bitcoin continues to fluctuate narrowly between $103,600 and $109,300, showing signs of consolidation after weeks of volatility. From the daily chart, BTC has repeatedly failed to close above the resistance level of $109,300, a key level that has limited its upward momentum since early June.

Meanwhile, the support level at $103,600 remains solid, reinforcing a clear judgment of market range. Currently, Bitcoin's price hovers around $106,500, slightly above the 50-day moving average (blue line), which has acted as dynamic support during the recent pullback.

Trading volume remains relatively low, reflecting indecision across the market. Traders seem to be waiting for a breakout from this range to confirm the next directional trend. If the daily closing price successfully breaks above $109,300, it could trigger an upward trend and reach a new all-time high; whereas if it drops below $103,600, it may lead to a deeper pullback towards the 200-day moving average around $96,000.

The 50, 100, and 200-day moving averages converge below the current price, indicating that the overall trend remains bullish. However, a lack of momentum above $110,000 reinforces the importance of this resistance level. The market may continue to remain volatile and lack direction in the short term until BTC decisively breaks through.