Bitcoin price faces six-day consolidation as 20-day EMA caps rebound attempts

Bitcoin price action continues to reflect indecision following its sharp retracement from the all-time high at $112,000. After the surge from $100,700 in mid-May, the bullish momentum stalled, leading to a retracement that has gradually transitioned into a sideways consolidation. This range-bound movement has held for six consecutive days, capped between the Fibonacci 50% level at $106,400 and the 0.786% retracement support at $103,100.

• Bitcoin stalls below 20-day EMA, risking further pullback to $103,100.
• RSI signals no clear upside momentum as range persists for 6 days.
• Break above $106,400 is key to resuming uptrend toward all-time high.

During Thursday’s Asian session, Bitcoin briefly ticked higher from the open at $104,800, but upside attempts stalled at the 20-day exponential moving average, located around $105,300. That resistance level acted as a technical ceiling and forced price lower. As of the European session, Bitcoin trades near $104,500, reflecting a modest intraday decline of 0.2%. The failure to reclaim the 20 day EMA has shifted near term bias toward the downside.

BTC price dynamics (March - June 2025). Source: TradingView

The proximity of price to the previous day’s low at $104,300 increases the risk of a further decline. A drop below that level would register a fresh three-day low and likely accelerate selling pressure toward last week’s low at $103,100, which aligns closely with the 0.786% Fibonacci retracement of the May rally. That level has consistently attracted buyers, but another test could challenge that support strength.

Bitcoin RSI near 44 signals weak momentum as range structure limits upside

From a momentum perspective, there is little evidence to support a bullish reversal in the short term. The daily RSI remains flat just above the neutral 50 mark, while the 4 hour RSI is tilted bearish around 44, indicating lack of immediate upside momentum.

To shift the near term structure back in favor of bulls, Bitcoin must first reclaim the 20 day EMA and then build strength above the $106,400 resistance. That area marks the 50% Fibonacci level and a successful breakout above it could pave the way for a bullish continuation of the previous uptrend from $100,700 to $112,000. Until then, technical structure favors continued range trading or further weakness, especially if sellers force a retest of the $103,100 support.

Bitcoin stalls near $106,900 after three-day rally, signals hesitation at key resistance. Flat funding and recent long liquidations hint at a reset before possible breakout.