- Bitcoin faces strong support between $97K-$94K, backed by the 0.382 Fibonacci level and the daily 200MA, signaling a crucial bounce zone.
- Recent rejection near $111,938 shows selling pressure with rising volume, indicating cautious sentiment despite the prior strong May rally.
- Bitcoin remains range-bound since late 2024, with key levels at $111,938 resistance and $90,626 support defining the current market structure.
Bitcoin is struggling to maintain bullish momentum after a recent rejection near its range high of $111,938. The price has since dropped to $103,658 on the BitMEX exchange. This decline comes after a strong May rally that lost steam at the upper boundary of a well-defined range. Now, the $97K to $99K region emerges as a key area of interest. This zone combines technical levels, including the .382 Fibonacci retracement at $97,622 and the mid-range at $99,638. Additionally, the Daily 200MA at $94,717 strengthens the confluence in this zone.
Moreover, the current structure continues to reflect a horizontal range. This range has been intact since late 2024. The upper boundary at $111,938 has acted as firm resistance, while the lower limit near $90,626 has provided steady support. Within this range, the mid-level has repeatedly attracted price reactions. It has served as both resistance and support during the ongoing sideways consolidation.
Technical Confluence Strengthens Below Current Price
The Fibonacci retracement level and the 200-day moving average reinforce support just below the current market. The .382 retracement aligns at $97,622, reflecting buyers’ previous interest during pullbacks. Furthermore, the Daily 200MA sits at $94,717. It has consistently provided dynamic support during this broader uptrend. Consequently, if Bitcoin pulls back further, this technical cluster may offer a strong bounce zone.
Source: Daan Crypto Trades
However, the recent rejection at the top of the range signals caution. The price sweep near $111,938 was followed by immediate selling pressure. This shift in momentum was also accompanied by rising volume. Hence, this indicates potential distribution as bulls struggled to maintain control at higher levels.
Range Continues to Define Market Behavior
Besides, the overall structure remains range-bound. Bitcoin has respected both the upper and lower levels several times since late last year. This suggests traders continue to view this range as a key battleground. Any strong breakout or breakdown from these levels could define the next major trend. For now, the market awaits clarity. Either Bitcoin holds the $97K–$94K zone or risks revisiting the range low near $90,626. Until a clear breakout emerges, patience may reward disciplined traders the most.