Currently, Bitcoin is trading at $104,360, reflecting a decline of 3.10% over the past 24 hours and a market cap drop to $2.07 trillion.
Price and Volume Analysis
Despite the decline, the 24-hour trading volume surged by 28.47%, reaching $67.97 billion. This indicates aggressive trading activity, likely driven by liquidations and high-frequency trading as the price broke below support.
Key Levels to Watch
A review of Bitcoin’s 7-day price chart highlights several critical technical zones:
**$110,000:** This remains the primary resistance level, where BTC topped out on June 11 before facing strong selling pressure. A confirmed breakout above this zone would signal renewed bullish momentum. **$106,000:** Previously a short-term support floor, this level failed to hold during the recent drop. Reclaiming it could indicate a recovery attempt. **$104,000:** Now a psychological and technical support level. BTC briefly dipped below it but is attempting to stabilize just above this range. **$102,000–103,000:** This is the next crucial downside zone to monitor. A sustained move below this range could trigger additional liquidations and extend the selloff.
Short-Term Outlook
The sharp decline follows a failed breakout attempt near $110,000 and coincides with broader market volatility, including increased liquidations across major exchanges. If BTC fails to reclaim the $106,000 level soon, further downside testing could occur, especially if volume begins to decline after the spike.
However, bulls may find an opportunity to re-enter if BTC holds the $104,000 region and consolidates with rising support.
In conclusion, the current market situation for Bitcoin emphasizes the importance of monitoring key levels and trading volumes, which can serve as indicators for future price movements.
