Key takeaways:
-
Bitcoin’s a number of rejections from $110,000 sign the bulls’ incapability to maintain greater costs.
-
BTC worth could drop as little as $105,000 within the quick time period if key ranges are misplaced.
Bitcoin (BTC) bulls have been thwarted in an try and regain assist at $110,000 on Thursday as US employment information exceeded expectations, dealing a blow to hopes of interest-rate cuts earlier than September.
That is the third failed try for the reason that Could all-time excessive, casting doubt on Bitcoin’s capability to breach $110,000 and enter worth discovery once more.
Bitcoin worth dangers a deeper correction
Traditionally, a number of rejections close to all-time highs have preceded sharp drops in BTC worth.
For instance, Bitcoin worth was rejected a number of instances from the $107,000 degree in January, simply 2% under the earlier all-time excessive above $109,000 reached on Jan. 20. This preceded a 14% worth drop over the 2 weeks that adopted.
Associated: Bitcoin bull run might peter out in 2-3 months, says analyst
Equally, BTC worth plunged 18% inside 10 days following a number of rejections from the $72,000 resistance degree, near the sooner $73,800 report excessive of March 14, 2024.
If historical past repeats, the BTC/USD pair will drop 14%-18% from present worth ranges.
Technical indicators like bearish divergences within the relative power index, the place the value makes greater highs however RSI varieties decrease highs, reinforce the resistance at $110,000.
Moreover, high-taker promote quantity round $110,000 and impartial funding charges in futures markets level to profit-taking and hesitation amongst merchants, growing the chance of a pullback.
Taker Promote Orders beginning to rumble on this headline 🩸 https://t.co/JUy3LuH9nF pic.twitter.com/ZJrr9qNflT
— Maartunn (@JA_Maartun) July 3, 2025
Key Bitcoin worth ranges to look at underneath $110,000
Information from Cointelegraph Markets Professional and TradingView reveals Bitcoin worth buying and selling at $109,100, as $110,000 stays a key barrier. The BTC/USD pair wants to realize a transparent break above this degree to finish the multimonth consolidation.
Above that, there’s a main provide zone stretching from $110,000 to $112,000, which the bulls should additionally overcome to get again into worth discovery.
Conversely, the bears will try and defend the $110,000 resistance, growing the chance of pulling the value decrease.
A key space of curiosity lies between $107,500, the place the 50-day easy transferring common (SMA) at the moment sits, and $106,000, the place the 100-day and 200-day SMAs seem to converge.
One other space of curiosity stretches from the native low at $105,200 (reached on Wednesday) to the $104,000 psychological degree.
Pseudonymous dealer KillaXBT factors out that Bitcoin might see a deeper correction if it loses the assist between $108,000 and $107,500. The dealer additionally stated that holding this space would see BTC rally to contemporary all-time highs over the following few weeks.
“Maintain = I TP my quick and goal for a sweep of ATH this month.”
The BTC/USDT three-day liquidation heatmap reveals the largest liquidity cluster of $121 million, sitting simply above $110,000, as per information from CoinGlass.
A brief squeeze is subsequently in play if the $110,000 degree is damaged, which might power quick sellers to shut positions and drive costs towards $114,000.
On the draw back, heavy bid orders are sitting round $108,000, with the following important cluster bands in place from $107,700 to $105,000.
This text doesn’t include funding recommendation or suggestions. Each funding and buying and selling transfer entails danger, and readers ought to conduct their very own analysis when making a choice.
