Bitcoin’s (BTC) attempt to reclaim the $110,000 mark appears to have stalled, with technical indicators suggesting a possible correction may be underway.
In this case, Bitcoin is facing strong resistance near the descending trendline around $109,000. This level has opened the door for a potential pullback below the psychological $100,000 threshold, according to a June 30 analysis by crypto analyst Ali Martinez.
The most concerning signal comes from the Stochastic RSI, which has flashed a bearish death cross, a pattern that occurs when the fast stochastic line crosses below the slow line in overbought territory. This typically signals weakening bullish momentum and growing downside pressure.
Meanwhile, the Relative Strength Index (RSI) is also retreating from recent highs, further reinforcing signs that upward momentum is fading.
The failure to break above key resistance, combined with these bearish technical patterns, significantly increases the likelihood of a deeper correction.
If Bitcoin remains below this resistance zone, a retest of the $100,000 level, a zone that previously served as major support, looks increasingly probable.
Unless bulls can reclaim $109,000 with strong volume and a daily close above, the risk of further downside looms as July begins.
Bitcoin’s price next trajectory
Adding to the outlook, crypto analyst Lenaert Snyder shared his perspective on X on June 30. He noted that Bitcoin’s rejection at $108,600 has stalled its recent rally and could now lead either to a pullback or another attempt at a breakout.
Snyder pointed to a broad green demand area below current levels, suggesting that if Bitcoin retraces, it may find support between $101,000 and $103,000 before potentially rebounding.
He also warned that the market may need to flush out overleveraged long positions to reset sentiment, though the depth of any correction remains uncertain.
Bitcoin price analysis
At press time, Bitcoin was consolidating, trading at $107,570, down about 0.5% over the past 24 hours. However, on the weekly chart, the maiden cryptocurrency remains in positive territory, up around 0.41%.
Generally, whether Bitcoin rebounds toward $108,600 or dips further to build new momentum, the next few sessions will be critical in shaping its short-term trajectory.
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