As of June 4, 2025, Bitcoin (BTC) is trading around $105,316, reflecting a slight decrease of 1.08% from the previous close. Despite recent fluctuations, technical indicators suggest that bulls retain a near-term advantage, though significant resistance levels pose challenges to further upward movement.
Current Market Overview
BTC Bulls Challenge Upper Resistance Amid Bearish Pressure
Bitcoin’s price has experienced a modest recovery after testing support near $103,200. The cryptocurrency is now facing resistance around the $107,000 level, with key support established at $104,000. The market’s ability to break through this resistance will be crucial in determining the next directional move.
Technical Indicators and Patterns
BTC has broken out to new all-time highs
Moving Averages
Bitcoin is currently trading above its 100-hourly Simple Moving Average (SMA), indicating a short-term bullish trend. The convergence of the 20-day and 50-day Exponential Moving Averages (EMAs) suggests potential for a “golden cross,” a bullish signal that could attract additional buying interest.
Trendlines and Chart Patterns
A bullish trendline has formed with support near $104,050, providing a foundation for potential upward movement. The price action is currently testing the upper boundary of a descending triangle pattern, with a breakout above $107,000 needed to confirm a bullish reversal.
Momentum Indicators
The Relative Strength Index (RSI) is hovering around the 50 level, indicating a neutral market stance with potential for upward momentum if buying pressure increases. The Moving Average Convergence Divergence (MACD) is showing signs of bullish crossover, suggesting that momentum may be shifting in favor of the bulls.
Key Support and Resistance Levels
- Immediate Resistance: $106,000, followed by $107,800.
- Immediate Support: $104,500, with stronger support at $103,200.
A decisive move above $107,800 could open the door for a rally towards $110,000, while a drop below $103,200 may lead to a retest of the $102,000 support zone.
Market Sentiment and Outlook
Despite recent price consolidation, market sentiment remains cautiously optimistic. The stabilization of prices above key support levels suggests that bulls are maintaining control, albeit with diminishing momentum. Traders are closely monitoring volume and price action for signs of a potential breakout or breakdown.
Also Read: Altcoins Break Away: SKY, QNT, and FET Shine Despite Market Gloom
Conclusion
Bitcoin’s technical landscape indicates that bulls retain a near-term advantage, with key resistance levels in focus. A breakout above $107,000 could signal the resumption of the uptrend, while failure to hold support at $103,200 may lead to further downside. Traders should remain vigilant, monitoring technical indicators and market developments to inform their strategies.
