Bitcoin’s recent climb has lost steam just below $110,000, with technical analysts flagging signs of a potential price correction as July begins.
The $109,000 level has proven difficult to break, acting as a ceiling that’s now drawing attention to a possible retreat below $100,000.
One of the key warning signs is a bearish crossover on the Stochastic RSI, typically an indicator of fading buying pressure and a shift toward bearish momentum.
Market data also shows the RSI pulling back from overbought territory, reinforcing expectations that bulls may be running out of strength. Unless BTC can rally above $109,000 with strong volume and hold that level, a downward move looks increasingly likely.
Analyst Lenaert Snyder noted Bitcoin’s rejection near $108,600 and pointed to a potential support zone between $101,000 and $103,000. He also suggested the market might need a shakeout to reset overextended long positions before any sustainable rebound.
With July underway, Bitcoin’s ability to either recover lost ground or slide further could hinge on how it reacts near these key technical levels.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/market/bitcoin-rally-hits-a-wall-as-bearish-signals-emerge/