Bitcoin Hovers Near $108,000 Resistance Amid Market Indecision

Bitcoin ($BTC) is currently trading around $107,917, just below the critical $109,000 resistance level. After a solid rally that started near $96,000, the Bitcoin price climbed steadily following an ascending trendline. However, recent price movements show hesitation near the $109K barrier, with Bitcoin consolidating along a rising support line, maintaining higher lows despite a rejection at $109,000.

Key support levels to watch include $107,000 (trendline), $103,343, and the psychological $100,000 mark. Resistance levels are at $109,000, and any breakout above this could open the path to $112,000 and beyond. The Relative Strength Index (RSI) is neutral at 47.14, below the 50 midline and showing mild bearish divergence, which suggests short-term caution. If the ascending trendline holds, a breakout above $109K becomes increasingly likely. If it fails, $103K or even $100K could be retested quickly.

In the short term, Bitcoin is caught between consolidation and breakout. If buyers defend the trendline and the RSI begins to rise back above 50, we could see a retest and breakout above $109,000. That would shift momentum bullish again, targeting $112,000–$115,000 by mid-July. However, if the ascending support breaks with strong volume, the $103,343 level becomes a magnet, and the market could slide further to the $100,000 psychological zone—a classic support flip area.

The market is currently watching whether whales continue buying dips, like the recent 567 BTC buy worth $61.1 million, and if retail panic selling increases after the 80K BTC wallet scare. As of now, smart money is still in accumulation mode—don’t ignore that signal. Bitcoin's price has shown signs of hesitation near the $108,000 mark, with a breakdown below $107,000 potentially triggering a test of the $105,000 level, according to technical analysis.

The market conditions imply that Bitcoin may soon retest lower support zones in the $106,000–$107,000 range before attempting another upward move. This retesting of support levels is not necessarily bearish but indicates a period of consolidation before the next potential rally. The price movement saw Bitcoin fall to support above $107,000, threatening bulls' plans for a retest of the all-time highs near $112,000.

Bitcoin's price has been moving slowly around the $107,000–$110,000 range, with attempts to break above $110,000 being rejected. This ranging behavior suggests that the market is currently in a state of indecision, with neither bulls nor bears gaining a clear advantage. The persistence of the $110,000–$112,000 cap could lead to a dip toward the $105,000–$108,000 range, historical rejection levels suggest a possible 3–5% pullback.

The current price action and market conditions indicate that Bitcoin is at a critical juncture. The support levels at $107,000 and $105,000 will be crucial in determining the short-term direction of the market. If these levels hold, Bitcoin could potentially resume its upward trend. However, a breakdown below these levels could signal a deeper correction. The behavior of whales and the overall market sentiment will play a significant role in determining the outcome.