Bitcoin experienced a sharp intraday pullback from ~$107.6K down to ~$105.8K, influenced by new U.S. Senate legislation discussions targeting crypto taxation and exchange regulation. This news injected short-term volatility and prompted a minor sell-off.
However, BTC closed June at its highest monthly level ever (~$107.1K), maintaining a strong macro uptrend. Institutional interest remains robust, with over $4.5B in inflows into BTC ETFs over the past two weeks. On-chain data shows ~98% of BTC supply is in profit, reflecting underlying strength — though short-term caution is warranted due to possible profit-taking.
📉 Technical Analysis (Chart Reference)
🔹 Key Levels:
* Resistance: $107,500 / $112,000
* Support: $105,000 / $103,000 / $100,000
🧠 Observations from the Chart:
* Resistance Zone: Price struggled to break and sustain above $107,500 despite multiple Break of Structure (BoS) attempts.
* Support Zone: Strong horizontal support is established around the $105,000 level — price is currently testing this.
* Market Structure: Multiple Change of Character (ChoCh) patterns suggest a short-term bearish trend, likely driven by macro news impact.
* Upcoming Dip: Chart annotations highlight an expected pullback into the $104K-$105K region before a potential bounce.
* Trendlines: The downward-sloping trendline indicates corrective pressure, but the broader ascending channel remains intact.
📈 Technical Outlook
* Trend: BTC is consolidating within a broad ascending structure on higher timeframes. The current dip aligns with a healthy retest.
* Momentum: 4H RSI and MACD show cooling, signaling temporary bearish momentum.
* Watch Zone: $103K-$105K is key for potential bounce. Losing $100K would invalidate short-term bullish structure.
Next Move Prediction
Short-Term (1-5 Days):
🔻 Expect continued downside/consolidation toward $103K-$105K. High chance of buyer re-entry around support.
Medium-Term (2-4 Weeks):
📈 Bullish continuation toward $112K-$115K if ETF inflows remain steady and no major regulatory shocks occur.
💼 Trading Plan
* Buy Zone: $103,000-$105,000 (scale in during dips)
* Target 1: $112,000
* Target 2: $115,000
* Stop Loss: Below $100,000 (daily close)
Despite short-term news-driven volatility, Bitcoin’s macro trend remains bullish. As long as the $100K support holds, this is likely a dip-buying opportunity. July often brings strong seasonal performance, and ETF demand may act as a major bullish catalyst. Stay alert for news and volume confirmation before committing to entries.
