Bitcoin is trading at $104,491.88 today, showing a mild 0.02% dip. Its 24-hour volume slipped by 2.94%, totaling $51.74 billion. Over the past seven days, BTC dropped 4.84%, adding fuel to bearish sentiment. Analysts suggest the rejection from $108K reflects heavy resistance and market exhaustion.
Crypto expert CoinEdition points to engineered liquidity traps and smart money tactics. The $108K supply zone now stands as the battleground. Unless bulls reclaim this level, downside pressure will likely intensify. The critical support lies between $103K and $102K, identified as a possible bounce zone.
Bitcoin shows strong bearish trend
The chart shows that the market is mostly negative right now. There is a “Bear Zone” between $102K and $103K where prices tend to stay steady for a while. This area might be where some buyers step in briefly. Traders are watching carefully to see if the price will go up or fall even more.
A downward trend line crosses the Bitcoin price, which supports the idea that sellers are in control. A black box above the current price shows that sellers are stronger than buyers. The market moves are similar to smart investors trying to take advantage of regular traders’ mistakes. The RSI indicator is below 50, which also shows the sellers are dominating.
Market optimism could stabilize bitcoin between 216K and 229K
Early forecasts show mixed results for that. DigitalCoinPrice however is in the opinion that the coming years will see a bullish trend. According to them, it can touch even $ 229 K by the conclusion of this year and may go beyond an all time high of $111,970.17. They are of the view that Bitcoin could exhibit a range-bound trading behaviour around $216K – $229K levels soon buoyed by market optimism position.
Changelly also has a more conservative projection. In 2025 they are looking at about minimum $100K and maximum of almost $119K. They forecast for the June of 2025 average price around $137K with potential downside to around $105K. Expectations on returns are approximately 32.4% and risk is still high.
