Bitcoin prices today are struggling to stay above $105,000 after refusing low support of nearly $104,200. The latest daily structures show that BTC is trapped in the formation of correction flags, but the broader trends outweigh the critical heights of Fibonacci levels.
What will happen to Bitcoin prices?
BTC price dynamics (Source: TradingView)
After falling below $106,000 in the June 13 breakdown, Bitcoin prices have been consolidated in a narrow range, with resistance of $106,000 and support of $104,000. On the daily charts, BTC sits at 0.5 Fibonacci retracement level ($105,485), trying to form a higher and lower level beyond the 0.618 zone, close to $104,291. The latest candles suggest indecisiveness, but price action remains neutral.
BTC price dynamics (Source: TradingView)
The four-hour chart shows BTC that bounces within a microchannel with $103,150 and resistance between demand and nearly $105,400. Volume Profiles show key interests that Bitcoin has been clustered between $104,200 and $105,800, which ranges throughout the week.
Bitcoin price action faces resistance from cloud and EMA clusters
BTC price dynamics (Source: TradingView)
BTC continues to struggle under the critical confluence zone formed by the 20/50/100 EMA band and Keltner Channel Midline in a four-hour time frame. Bitcoin price action faces a supply of between $105,800 and $106,300. This also coincides with Seikai Cloud’s Flattenkansen and Kijunsen.
BTC price dynamics (Source: TradingView)
Stochastic RSIs are currently hovering near excess zones (85-86) showing potential fatigue. Unless BTC recovers $106,300, this rebound could be short-lived.
Momentum remains restrained, with Bollinger Band signing on signing of a decline in Bitcoin price volatility. This setup increases the chances of breakouts or breakdowns in future sessions.
Why is Bitcoin price dropping today?
BTC price dynamics (Source: TradingView)
Bitcoin prices are now slightly lower today as market participants respond to overhead resistance at $105,800 and demand is weak at the $106,000 level. MACD on the 30-minute chart has once again become bearish, but the RSI shows a short-term rollover from 52-53 to 45.
BTC price dynamics (Source: TradingView)
The 30-minute chart’s Directional Movement Index (DMI) indicates a weak trend. The +DI and -DI lines intersect frequently, with ADX below 25, suggesting there is no clear trend direction. Traders continue to be cautious towards the weekend as Bitcoin price spikes are selling quickly.
If BTC is unable to close over $106,000 in the next 12-24 hours, the chances of revisiting will be enhanced to $103,000-$104,000.
Short-term outlook: Can BTC retest $107,000 or slide to $102K?
BTC price dynamics (Source: TradingView)
The price structure shows that BTC forms a symmetrical triangle, with potential breakout points close to $105,400. If the Bulls are able to push beyond this level with volume checks, the next upside target will be $107,000 followed by $108,150 (0.382 fib 0.382 daily).
However, if you don’t hold $104,200, it could drop to $103,150 and be reduced to $101,200. The latter represents a volume support demand zone that could function as a springboard when tested again.
In the higher time frame, Bitcoin is still trading beyond the major bullish breakoutline, close to $100,400 (FIB 1.0 level).
Bitcoin forecast table: June 16, 2025
Bitcoin remains at the decision point. The Bulls will need to regain $106,000-$106,300 after being convicted to bring the trend back to the top. Until then, wider biases remain neutral, and if momentum stalls, downside risk is heading towards $103,000.
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