After a volatile 24-hour period, the Bitcoin price is now hovering around $108,050. It is struggling to regain its footing following a sharp rejection of the $110950 zone. The broader trend is still bullish, but the short-term charts are showing fatigue because buyers have failed to hold recent highs. The focus is now on whether Bitcoin can stabilise above key support zones, or if there’s more downside to come before the next breakout.
What’s happening with Bitcoin’s price?
What’s happening with Bitcoin’s price?
The latest Bitcoin price action shows that a failed breakout above the upper Bollinger Band was followed by a rapid fall to the midline, and a temporary rebound from intraday support at around $107400. The 30-minute and four-hour charts show a significant selloff candle on May 23. This triggered a bearish engulfing chart just after Bitcoin briefly touched the $111,000 region.
This drawdown is occurring despite a strong uptrend channel visible in the 4-hour timeframe dating back to May 7. The price is testing the median line in that rising channel. This signals a moment of truth to bulls. If this support fails, then we could see a deeper retracement towards $105,900.
Technical Analysis: EMAs, Bollinger Bands, Trendlines
Technical Analysis: EMAs, Bollinger Bands, Trendlines
On the 4-hour chart the Bitcoin price has dipped under the 20-EMA ($108.753) and now is testing the 50 EMA ($106.934) as a short-term support. This zone also overlaps the middle Bollinger Band (109,405) which recently flipped support to resistance, indicating pressure from the upper bands.
The trendline from May 7 remains intact, but is under threat. If the price breaks below $106,800 we could see a move towards $104,200 where the 100-EMA is located. On the upside, there is immediate resistance near $110,000, and then $112800, where previous supply areas rejected price action.
Momentum Indicators: RSI, MACD, Ichimoku, Stoch RSI
Momentum Indicators: RSI, MACD, Ichimoku, Stoch RSI
Momentum tools have started to show a bearish divergence. The 30-minute RSI is slipping below 45 with no clear signs yet of a reversal. The MACD histogram is now red, with the MACD line crossing the signal line. This confirms the weakness on the price charts.
The Ichimoku cloud on lower timeframes indicates that Bitcoin is trading beneath the Tenkan and Kijun line and below the cloud. This indicates short-term trend fatigue. The cloud is thin, indicating that bulls will have limited resistance, if they regain strength.
Stochastic RSI flashes overbought signs on the 30-minute chart. A bearish crossover near 80 marks warns that any bounce may be rejected immediately if volume does not confirm.
Short Term Outlook and Forecast Table
Short Term Outlook and Forecast Table
The Bitcoin price update is heavily dependent on how the price reacts to this $106,900-$107300 demand zone. If bulls successfully defend it, the rebound may retarget $109800 and $112,000 If the bulls fail to hold, the market will slide towards the $104,000-$105,000 group.
|
Level Type |
Price Zone |
| Immediate resistance | $109,400 – $110,200 |
| Key Resistance | $111,900 – $112,800 |
| Near-Term Support | $107,300 – $106,800 |
| Strong Support | $104,200 – $102,900 |
| RSI Status (30 min) | 43.56 (Neutral-Bearish) |
| MACD Signal | Bearish Crossover |
| EMA Cluster | 20/50/100 around $108.7K-$104.2K |
| Bollinger Bands Bias | Neutral to Downside |
| Ichimoku Cloud Bias | Bearish (Short Term) |
Bitcoin volatility remains high as traders try to determine if this is a healthy pullback, or a sign that the market is moving deeper. The next 12-24 hour are crucial to confirm the trend as Bitcoin tests mid-channel structural support and fights for control around $108K.
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