- Bitcoin retests 21 EMA, indicating bullish strength remains in play.
- A break above $105K could trigger a rally toward the $110K resistance level.
Bitcoin continues to consolidate within a narrow range following recent price fluctuations and macroeconomic developments. Despite a slight pullback, analysts report that the broader bullish structure remains intact. Support levels near $101,500 are being retested, with resistance still looming above $109,000.
Healthy Retest of 21 EMA Signals Structural Strength
EGRAG CRYPTO’s latest 3-day chart update highlights Bitcoin’s retest of the 21-day Exponential Moving Average (EMA) as a healthy technical move. The asset is hovering near $101,500, a critical support level, suggesting the bullish trend is still in place.
According to EGRAG, such pullbacks are common during upward cycles and often precede renewed momentum.
The analysis also highlights a potential “Stop Hunting” zone around $73,000, with a significant support level at $61,000 further down.
However, as long as Bitcoin maintains the current structure, analysts believe the market could resume its upward trend. Fibonacci extensions from current levels point to possible targets as high as $162,336 if bullish momentum returns.
At the time of writing, Bitcoin is currently priced at $104,154.46, reflecting a 0.50% decline over the last 24 hours. The price briefly moved above $105,000 before pulling back and is now stabilizing near $104,370.
Analysts note that the daily trend remains slightly bearish, with the market showing indecision and a lack of strong directional momentum.
Multiple intraday peaks and dips reflect uncertainty among traders. Selling pressure has gradually increased, causing a cooling-off phase where Bitcoin is trading between $104,100 and $105,200. This tight range suggests that the market is awaiting a decisive move to confirm the next trend.
Liquidity Zones and Key Breakout Levels in Focus
Following the June 18 FOMC rate decision to hold interest rates steady, Bitcoin is consolidating around the $105,000 level. Coincryptonewz previous analysis showed that this is a high-liquidity zone, often acting as a magnet for short-term trading activity.
Analysts now identify $103,000 as a critical near-term support, especially as geopolitical tensions and shifting investor positions add further uncertainty.
A sustained break above $105,000, mainly if supported by substantial volume, could propel Bitcoin toward the $110,000 resistance zone. Historical patterns show that such breakouts often lead to momentum-driven rallies.
EGRAG CRYPTO maintains that the cycle top projection is still valid, urging patience as the broader trend remains bullish despite short-term volatility.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
