Bitcoin price bullish streak may be taking a breather.After an impressive run-up that saw BTC touch the $105,000 mark for the first time since late May,the flagship cryptocurrency has started to lose steam.Traders were quick to take profits as the price hit a strong resistance level,triggering a modest pullback to the $100K–$102K zone.
With investor sentiment still cautiously optimistic,the next few days could be critical in determining whether this is a healthy paused or the started of a broader correction.
Recent Price Action: Rally Meets Reality
Bitcoin price began the week with strong momentum,rising from around $97,000 and surging past the $100K psychological barrier.Bulls managed to push BTC as high as $105,250 on July 1, sparking hope for a breakout above its recent range.
However,the rally stalled near the $105K resistance, a level that has historically triggered sell pressure.As of writing, Bitcoin is trading around $101,800, down roughly 3% from its local high.
Technical Analysis: Key Levels to Watch
The charts tell a clear story:
- Resistance: $104,800–$105,500 remains a stubborn barrier.BTC faced multiple rejections here in the past 48 hours.
- Support: Immediate support lies at $101,200, followed by a stronger floor near $99,000.
- Indicators:
RSI has dropped from overbought territory,suggesting cooling momentum.
MACD is close to a bearish crossover on the 4H chart.
50 EMA on the daily chart is still trending upward,but flattening slightly.
So far,the technical setup favors consolidation—unless bulls return with renewed volume.
Why Bitcoin Bulls Lost Momentum
Several factors have contributed to the pause in upward momentum:
Profit-Taking at Resistance: $105K is a major psychological and technical barrier. Many short-term traders exited positions around this level.
Low Weekend Liquidity: The rally came during this weekend trading,making it more vulnerable to sharp corrections.
Macro Uncertainty: Traders are waiting the U.S. Non-Farm Payrolls report later this week,which could impact market expectation on interest rates.
On-Chain Trends: Slight increase in BTC inflows to exchanges suggests some investors are preparing to sell at current levels.
Sentiment Check:Still Optimistic,But Cautious
Despite the pullback, long-term holders appear unfazed.Bitcoin dominance remains strong at 51.7%, and institutional interest though slowed is far from absent.
According to Glassnode, HODLer wallets are still accumulating,while whales (addresses holding >1,000 BTC) have shown no major outflows.
However,caution prevails in the short term as market participants wait for clearer direction.Fear & Greed Index is currently at 62 (Greed),down from 68 last week.
What’s Next for Bitcoin?
If Bears Take Control:
- A drop below $99,000 could trigger downside toward $95,000 or even $92,500,where the 100-day EMA sits.
If Bulls Regroup:
- A strong breakout above $105,500 with volume could send BTC soaring to $110,000–$112,000 in July.
Watch These:
- Volume confirmation above $105K.
- Exchange flows and open interest.
- U.S.jobs data on Friday,which may affect investor appetite for risk.
Conclusion
Bitcoin’s latest rally faced a predictable hurdle at $105K,but the overall trend remains intact for now.While bulls have paused,the market hasn’t turned decisively bearish.The next 48–72 hours could offer clues as to whether BTC will consolidate,correct, or resume its climb toward new yearly highs.
For now,traders should stay cautious,watch key support zones,and be prepared for increased volatility heading into the weekend.