Bitcoin (BTC/USD) is trading around $108,400 after consolidating in a tight range between $104,800 and $111,200 over the past two weeks. Price action has been coiling beneath a key resistance cluster at $111,500–$112,800, a zone that capped multiple breakout attempts in May. The daily chart shows a symmetrical triangle forming, with higher lows suggesting underlying buying pressure. Support is firm at $104,200 (20-day EMA) and deeper at $98,500 (50-day SMA), which BTC has not tested since mid-April. RSI on the daily sits at 58.4 — neutral-to-bullish territory with room to run before overbought conditions at 70. The 4H RSI recently bounced from 42, signaling short-term momentum turning positive. MACD on the daily is in a mild bullish crossover, with the signal line just crossing above zero after a two-week divergence period — a historically reliable continuation signal in post-halving cycles. The 200-day SMA at $91,300 remains a distant but strong long-term support floor. On-chain metrics show declining exchange reserves and rising accumulation addresses, consistent with supply compression. A decisive daily close above $112,800 would open a measured move toward $118,000–$121,000. Failure to hold $104,200 could trigger a retest of $98,500. Volume profile favors the bulls with a visible low-volume node above current price, suggesting limited resistance until $118K.

This is not financial advice. Content is AI-generated.