Bitcoin traded at $105,289 on June 4, 2025, with a total market capitalization of $2.09 trillion. The cryptocurrency’s 24-hour trade volume stood at $24.92 billion, within a daily price range of $105,293 to $106,854.
Bitcoin Price Watch: Bulls Defend Key Support as Momentum Cools
This article was published more than a month ago. Some information may no longer be current.
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On the 1-hour chart, bitcoin exhibited a micro downtrend leading into June 4, characterized by a consistent pattern of lower highs. The most recent rejection occurred at $106,854, confirming this as a short-term resistance. Although a bounce attempt was observed at $104,947, the price failed to clear the $106,000 level with strength. Trading volume patterns reinforced bearish sentiment, with increasing sell-side volume on red candles. As such, a cautious intraday-long position may be considered near $104,500 to $104,900 if volume weakens on further declines.
The BTC/USD 4-hour chart reflects a consolidation phase following a recovery from the $103,100 low. Price action shows signs of indecision, marked by long wicks and a lack of strong directional movement. Key levels to monitor include support at approximately $103,100 and resistance at around $106,800. Despite a few bullish impulses, weak follow-through has stalled momentum. Scalpers and swing traders may observe the $103,000–$103,500 range as a potential accumulation zone, though the upper range near $106,800 remains a formidable barrier.
From a broader perspective, the daily chart indicates that bitcoin remains in a mid-term uptrend despite a recent pullback from the $112,000 high. Support has held firm near the $104,000 level, suggesting a consolidation pattern rather than a full reversal. Resistance is clustered in the $110,000 to $112,000 range, which remains significant after the May rally. The recent spike in trading volume during the price decline indicates possible profit-taking or distribution. Traders may view $104,000–$105,000 as a strategic re-entry zone should selling pressure subside.
Oscillators convey a largely neutral outlook. The relative strength index ( RSI) stands at 52, indicating equilibrium between buying and selling momentum. The Stochastic oscillator reads 27, and the commodity channel index (CCI) is at −42, both also suggesting non-directional momentum. The average directional index (ADX) at 20 reflects a lack of a strong prevailing trend. Notably, the momentum indicator at −3,957 and the moving average convergence divergence ( MACD) at 1,404 both signal a short-term negative bias.
Moving averages (MAs) paint a divided picture. Short-term indicators such as the exponential moving average (EMA) and simple moving average (SMA) for 10, 20, and 30 periods all suggest a selling environment. In contrast, the 50, 100, and 200-period EMAs and SMAs are still firmly bullish, supporting a longer-term upward trend. This divergence reinforces the current narrative of short-term caution within an otherwise intact macro uptrend. Investors and traders alike may consider adopting a range-bound strategy until a decisive breakout or breakdown occurs.
Bull Verdict:
Despite short-term weakness, bitcoin continues to hold key mid-range support near $104,000, with longer-term moving averages firmly bullish. If current consolidation persists and the price reclaims $106,800 with volume, a return toward the $110,000–$112,000 resistance zone appears likely, sustaining the broader uptrend.
Bear Verdict:
Momentum and MACD indicators suggest weakening market strength, and failure to break above $106,000 signals vulnerability. A drop below $103,000 could trigger a broader correction, shifting sentiment bearish in the short term and potentially invalidating the mid-term uptrend structure.
