Bitcoin is trading at $105,814, with a market capitalization of $2.104 trillion and a 24-hour trade volume of $34.134 billion. The intraday price range of $105,871 to $108,785 underscores a narrowly confined but active market, reflecting ongoing indecision among traders.
Bitcoin Price Watch: Is $105K the New Battleground for Bulls and Bears?
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Bitcoin’s daily chart reveals a bearish undertone. After peaking at $112,000, a notable rejection ensued, highlighted by a sharp red candlestick and a shift toward lower highs. Strong buyer defense appears near $100,426, establishing key support. Conversely, the $110,000 to $112,000 resistance band has repeatedly repelled upward movements. Volume surges during sell-offs point to distribution, indicating large players offloading positions.
The 4-hour chart displays a weaker bullish structure transitioning toward bearish sentiment. Bitcoin recently bounced from $102,816 but has been unable to maintain momentum above $109,000. Lower high formations are emerging, a signal of waning bullish strength. Bearish volume near local tops supports the view of distribution. If bitcoin prints a double bottom or bullish divergence between $103,000–$104,000, a bullish opportunity could emerge. On the other hand, a rejection near $108,500–$109,000 would affirm selling pressure.
On the hourly chart, bitcoin has entered a short-term downtrend. The local high of $108,990 has been followed by consistently lower highs, and the price has recently tested support around $105,000. Momentum favors sellers, with increasing volume accompanying the sell-offs. Scalp traders might consider buying around $105,000–$105,200 if a strong bounce occurs while shorting could be viable near $107,000–$107,500, especially if price action exhibits bearish reversal patterns such as shooting stars or bearish engulfing candles.
Oscillator data lends additional nuance, showing overall neutrality with a lean toward bearish sentiment. The relative strength index ( RSI) stands at 50, the stochastic oscillator at 55, and the commodity channel index (CCI) at 29—all signaling neutral sentiment. However, momentum at 154 and the moving average convergence divergence ( MACD) level at 626 both suggest bearish divergence, with corresponding negative signals. The average directional index (ADX) at 16 implies weak trend strength, reinforcing the short-term consolidation narrative.
Moving averages (MAs) offer a mixed outlook. Shorter-term indicators—such as the 10-period exponential moving average (EMA) at $106,327 and simple moving average (SMA) at $107,054—suggest bearish alignment. The 20-period and 30-period EMAs and SMAs are also bearish with the exception of the 30-period EMA. Conversely, longer-term averages, from the 50 to 200-period EMAs and SMAs, are bullish, suggesting structural support remains intact over a wider horizon. This divergence underscores the importance of tactical positioning, with short-term traders favoring downside plays and long-term holders remaining cautiously optimistic.
Bull Verdict:
Despite short-term bearish signals, long-term moving averages continue to support a broader uptrend. If bitcoin can hold above the $105,000 level and attract renewed buying interest near the $103,000–$104,000 range, a sustained bounce toward the $110,000 resistance could pave the way for a retest of the $112,000 peak, maintaining the bullish macrostructure.
Bear Verdict:
Technical indicators on lower timeframes point toward growing seller dominance, with repeated rejections below $109,000 and bearish volume spikes. Should bitcoin fail to defend the $105,000–$104,000 support and momentum remain negative, a drop toward $100,500 or lower becomes likely, confirming a broader distribution phase and the start of a deeper correction.
