Bitcoin continues to navigate a critical phase in its price trajectory, with momentum showing signs of exhaustion amid a tightly contested battle between bulls and bears. Trading at $105,289** on June 4, 2025, the leading cryptocurrency maintains a total market capitalization of **$2.09 trillion, supported by a 24-hour trading volume of $24.92 billion**. The intraday range oscillated between **$105,293 and $106,854, reflecting heightened volatility and indecision in the short term.
This article delves into the technical dynamics shaping Bitcoin’s current price action, analyzing key support and resistance levels across multiple timeframes, interpreting momentum indicators, and evaluating moving average trends. Whether you're a long-term investor or an active trader, understanding these signals is essential for navigating the evolving market landscape.
Short-Term Price Action: Downtrend Signs on the Hourly Chart
On the 1-hour chart, Bitcoin entered June 4 with a bearish bias, marked by a series of lower highs—a classic sign of weakening bullish momentum. The most recent rejection occurred at $106,854, reinforcing this level as a strong short-term resistance zone.
Despite a brief rebound attempt from $104,947**, price failed to reclaim the psychologically important **$106,000 threshold. Volume analysis further supports the bearish narrative: red candles were accompanied by increasing selling volume, indicating active distribution by large holders or profit-taking after recent gains.
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A potential opportunity for cautious intraday long positions may emerge if volume dries up during further downside moves, particularly near the $104,500–$104,900 zone. This range has shown resilience as a temporary floor, suggesting underlying demand remains present even amid selling pressure.
Intermediate View: Consolidation Dominates the 4-Hour Chart
The 4-hour timeframe reveals a broader consolidation pattern following a recovery from the $103,100 low. Price action is characterized by long wicks and narrow-range candles, signaling uncertainty and a lack of directional conviction among market participants.
Key levels to monitor:
- Support: ~$103,100
- Resistance: ~$106,800
While there have been isolated bullish impulses, they’ve lacked sustained follow-through, preventing any meaningful breakout. Scalpers and swing traders may view the $103,000–$103,500 range as a potential accumulation zone—especially if buying interest increases with declining volume on dips.
However, until Bitcoin decisively clears $106,800 with strong volume, this resistance will remain a formidable barrier. A failure to break higher could lead to extended sideways movement or even a retest of lower support.
Macro Trend Intact: Daily Chart Shows Bullish Structure Holding
Zooming out to the daily chart provides a more optimistic outlook. Despite the recent pullback from the $112,000** peak, Bitcoin remains within a **medium-term uptrend**. The consistent defense of the **$104,000 support level suggests that this correction is more of a healthy consolidation than a full reversal.
Significant resistance lies in the $110,000–$112,000 range—a zone that acted as both resistance and support during May’s rally. Notably, increased volume during recent declines hints at possible profit-taking or distribution, but not panic selling.
Strategic takeaway: If downward pressure eases and price regains momentum above $106,800 with rising volume, a return to the upper resistance band becomes increasingly likely—potentially reigniting bullish momentum toward new highs.
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Momentum Indicators: Neutral to Slightly Bearish Bias
Oscillators currently reflect a largely neutral-to-weak market environment:
- RSI (Relative Strength Index): At 52, it indicates equilibrium between buying and selling pressure—neither overbought nor oversold.
- Stochastic Oscillator: Reading at 27, suggesting potential oversold conditions but without confirmation of reversal.
- CCI (Commodity Channel Index): At −42, pointing to weakening momentum.
- ADX (Average Directional Index): At 20, confirming a lack of strong trend direction.
Additionally:
- Momentum indicator: −3,957 (short-term bearish bias)
- MACD (Moving Average Convergence Divergence): 1,404 (but showing negative divergence)
These readings collectively suggest that while the broader trend remains intact, short-term momentum favors sellers. Traders should watch for signs of bullish divergence or MACD crossover above the signal line as early reversal signals.
Moving Averages: Mixed Signals Across Timeframes
The moving average profile presents a split narrative:
Short-Term MAs (Bearish):
- 10-, 20-, and 30-period EMAs and SMAs all slope downward
- Indicate current selling pressure and short-term bearish control
Long-Term MAs (Bullish):
- 50-, 100-, and 200-period EMAs and SMAs remain upward-trending
- Continue to support the overarching bull market thesis
This divergence underscores a critical juncture: while near-term sentiment is cautious, the longer-term structure remains constructive. This dynamic supports a strategy of patience—waiting for confirmation before committing large positions.
Key Takeaways:
🔹 Bull Case:
Bitcoin continues to hold key support around $104,000**, with long-term moving averages still trending up. A breakout above **$106,800 with strong volume could open the path back to $110,000–$112,000, reinforcing the ongoing bull cycle.
🔹 Bear Case:
Fading momentum and failure to reclaim $106,000 highlight vulnerability. A decisive break below **$103,000** could trigger wider selling, potentially invalidating the medium-term uptrend and leading to deeper corrections.
Frequently Asked Questions (FAQ)
Q: What is Bitcoin’s current price as of June 4?
A: Bitcoin is trading at $105,289 with a 24-hour range between $105,293 and $106,854.
Q: Is Bitcoin in a bull or bear market?
A: The medium-term trend remains bullish based on long-term moving averages and structural support holding. However, short-term momentum is weak, indicating consolidation or correction.
Q: What are the key support and resistance levels to watch?
A: Key support sits at $103,100–$104,900; resistance is concentrated at $106,800 and $110,000–$112,000.
Q: Why is volume important in this market phase?
A: Rising volume on down moves suggests profit-taking; declining volume on dips may signal exhaustion and potential reversal.
Q: Can Bitcoin recover to $112,000 again?
A: Yes—provided it breaks above $106,800 with strong volume and regains positive momentum on technical indicators.
Q: What does MACD indicate about Bitcoin’s trend?
A: MACD shows a small positive value but negative divergence, suggesting weakening upward momentum despite not yet turning bearish.
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Bitcoin stands at a pivotal moment—balancing between continuation and correction. With core support holding and long-term indicators still aligned upward, the foundation for future growth remains intact. However, traders must respect short-term weakness and await confirming signals before assuming renewed bullish control.
By combining multi-timeframe analysis, volume validation, and oscillator context, market participants can make informed decisions in this high-stakes environment. Whether accumulating near support or preparing for breakout entries, precision and discipline will define success in the weeks ahead.