Key takeaways:
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Bitcoin’s a number of rejections from $110,000 sign the bulls’ incapacity to maintain increased costs.
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BTC value might drop as little as $105,000 within the quick time period if key ranges are misplaced.
Bitcoin (BTC) bulls had been thwarted in an try and regain assist at $110,000 on Thursday as US employment knowledge exceeded expectations, dealing a blow to hopes of interest-rate cuts earlier than September.
That is the third failed try because the Might all-time excessive, casting doubt on Bitcoin’s capability to breach $110,000 and enter value discovery once more.
Bitcoin value dangers a deeper correction
Traditionally, a number of rejections close to all-time highs have preceded sharp drops in BTC value.
For instance, Bitcoin value was rejected a number of instances from the $107,000 stage in January, simply 2% under the previous all-time high above $109,000 reached on Jan. 20. This preceded a 14% value drop over the 2 weeks that adopted.
Associated: Bitcoin bull run could peter out in 2-3 months, says analyst
Equally, BTC value plunged 18% inside 10 days following a number of rejections from the $72,000 resistance stage, near the earlier $73,800 record high of March 14, 2024.
If historical past repeats, the BTC/USD pair will drop 14%-18% from present value ranges.
Technical indicators like bearish divergences within the relative power index, the place the value makes increased highs however RSI kinds decrease highs, reinforce the resistance at $110,000.
Moreover, high-taker promote quantity round $110,000 and impartial funding charges in futures markets level to profit-taking and hesitation amongst merchants, growing the chance of a pullback.
Taker Promote Orders beginning to rumble on this headline 🩸 https://t.co/JUy3LuH9nF pic.twitter.com/ZJrr9qNflT
— Maartunn (@JA_Maartun) July 3, 2025
Key Bitcoin value ranges to look at beneath $110,000
Knowledge from Cointelegraph Markets Pro and TradingView exhibits Bitcoin value buying and selling at $109,100, as $110,000 stays a key barrier. The BTC/USD pair wants to attain a transparent break above this stage to finish the multimonth consolidation.
Above that, there’s a main provide zone stretching from $110,000 to $112,000, which the bulls should additionally overcome to get again into value discovery.
Conversely, the bears will try and defend the $110,000 resistance, growing the chance of pulling the value decrease.
A key space of curiosity lies between $107,500, the place the 50-day easy shifting common (SMA) presently sits, and $106,000, the place the 100-day and 200-day SMAs seem to converge.
One other space of curiosity stretches from the native low at $105,200 (reached on Wednesday) to the $104,000 psychological stage.
Pseudonymous dealer KillaXBT points out that Bitcoin may see a deeper correction if it loses the support between $108,000 and $107,500. The dealer additionally stated that holding this space would see BTC rally to recent all-time highs over the subsequent few weeks.
“Maintain = I TP my quick and intention for a sweep of ATH this month.”
The BTC/USDT three-day liquidation heatmap exhibits the most important liquidity cluster of $121 million, sitting simply above $110,000, as per data from CoinGlass.
A brief squeeze is subsequently in play if the $110,000 level is broken, which may power quick sellers to shut positions and drive costs towards $114,000.
On the draw back, heavy bid orders are sitting round $108,000, with the subsequent important cluster bands in place from $107,700 to $105,000.
This text doesn’t include funding recommendation or suggestions. Each funding and buying and selling transfer entails threat, and readers ought to conduct their very own analysis when making a choice.
