Bitcoin Dips 0.80% Below Golden Line Despite 44-Day Bull Run

Bitcoin has recently experienced a dip below a crucial technical support level known as the "Golden Line," which has intensified bearish sentiment among investors. Currently, Bitcoin is trading at $102,563.76, marking a 0.80% decline from its previous levels. This movement follows an extended rally from May's low near $87,000. Despite this recent dip, Bitcoin has managed to hold above the $100,000 mark for 44 consecutive days, maintaining its long-term bullish trend.

Technical analysts have identified several patterns that confirm Bitcoin's strong bullish structure. These include the Break of Structure (BOS), Change of Character (CHOCH), and a double bottom near $102,988.77. These patterns suggest that despite the recent dip, Bitcoin's underlying strength remains intact. However, bearish divergences and shifts in the Moving Average Convergence Divergence (MACD) indicator have sparked caution among analysts. The Fear and Greed Index has not reached extreme fear levels, indicating that there may be more downside potential.

The recent price action has shown a consistent uptrend from late May to mid-June, with Bitcoin surging above $104,000 before pulling back. The "Golden Line" served as dynamic support during this ascent, but the recent price action has broken below this line, reflecting weakening short-term momentum. Take-profit levels remain scattered across the chart, with TP1 and TP2 accounting for 10% each of position sizes, and TP3 and TP4 allocating 20% each to lower targets. These levels help traders manage risk amid volatility.

On the 4-hour chart, Bitcoin is trading at $103,759.01, showing a modest 0.29% increase. The price surged from $94,000 in early June, establishing higher lows consistently. A double bottom formed near $102,988.77, signaling a bullish reversal from support. The ascending trendline remains intact, supporting a bullish market outlook. Break of Structure (BOS) and Change of Character (CHOCH) points confirm momentum shifts, and colored zones indicate consolidation, resistance, and strong support areas.

Despite near-term bearish pressures, Bitcoin still shows promise. Technical patterns and momentum indicators suggest continued resilience. The cryptocurrency's ability to hold above $100,000 indicates underlying strength, but the consolidation phase and decrease in on-chain activity suggest a period of caution. Investors are closely monitoring key technical levels, with potential breakouts or breakdowns having significant implications for Bitcoin's future price movements. The rise in elite wallets further underscores the growing institutional interest in Bitcoin, which could provide additional support for the cryptocurrency in the coming months.