Bitcoin is having a hard time going up. It can’t stay above $110,000. The price now is about $109,057. It dropped a little today. A few days ago, it reached $110,530. But it came down again.
Source: TradingView
Not many people are trading now. The trading volume is $46 billion. That number is going down. $110K is a strong level. If buyers push above it, the price may rise more.
Price Charts Show Weak Momentum
Bitcoin is moving in a tight range. This means the price is not going up or down much. The RSI is 61. This shows that buyers are slowing down. On the chart, a triangle is forming. The range is between $108,600 and $110,600. If the price moves out of this range, it may go up or down fast. In the past, this pattern led to big moves. If the price drops below $108,000, it may fall to $105,300. That is a support level. The 20-day moving average is $107,950. This line helps the price stay up.
Big Companies Are Still Buying
Big companies are buying Bitcoin. MicroStrategy bought 4,980 BTC on July 2. That costs about $532 million. Now, they have over 597,325 BTC. It is worth more than $64 billion. They paid about $106,800 for each Bitcoin. In the U.S., Bitcoin ETFs got nearly $50 billion this year. This means big investors believe in Bitcoin. They are still buying, even when prices go down.
Global News Is Moving the Market
Bitcoin has dropped in price. This is happening during big world events. There is also important news in the U.S. The U.S. jobs report comes out on July 5. It shows how many jobs were added or lost. If there are many new jobs, rates may go up. Higher rates are not good for Bitcoin. People may choose safer places for money. Something else also happened. Two old Bitcoin wallets moved coins. They were inactive for 14 years. Now they moved 20,000 BTC. That is over $2.2 billion. People worry the coins may be sold. This makes the market unsure. Traders don’t know what will happen next.
What to Expect Next
Bitcoin must go above $110,000 to keep rising. The $110,000–$112,000 area is strong resistance. It is also the top of a recent price range. If Bitcoin closes above $112,000, it may go up fast. It could reach $117,500. This is based on past price moves. But if it fails to go higher, it may drop again. It might fall to $105,000. It could even fall to $101,000–$103,000. There is a lot of pressure on the market now. World news and charts are both important. The next few days are very important. Investors should watch new job data. They should also watch Bitcoin ETFs. These things can change the market mood.