After an intense bout of selling pressure across crypto majors, the Bitcoin price today has dropped to around $104,020, down nearly 1.6% over the past 24 hours. This correction comes just days after bulls failed to maintain support above the 0.5 Fibonacci retracement level near $106,235, leading to a sharp rejection from the upper resistance at $110,000.
The downside momentum has accelerated as broader risk sentiment weakens, putting immediate focus on whether the $102,500 zone will hold in the coming sessions.
What’s Happening With Bitcoin’s Price?
The recent dip in the Bitcoin price action is part of a broader structure breakdown visible across lower and higher timeframes. On the 30-minute chart, BTC pierced through a key support region between $105,000 and $104,500, following which a breakdown retested the lower Bollinger Band near $104,000.
The Relative Strength Index (RSI) dropped sharply to 36.8, while the MACD histogram continues to print negative values, reinforcing the bearish control. Despite a brief bounce early June 13, the Bitcoin price update shows little follow-through, indicating hesitation near the lower boundary of the Ichimoku cloud.
Breakdown Confirmed As Trendlines Flip Bearish
The 4-hour structure confirms the breakdown from an ascending wedge pattern, with the Bitcoin price losing its footing below a multi-day trendline that had supported price action since early June. Price is now trading well below the 20/50/100 EMAs, all of which have converged in the $106,000–$107,000 region.
These now act as dynamic resistance levels. Bollinger Bands are widening on the 4-hour chart, suggesting rising Bitcoin price volatility. Additionally, the MACD continues to trend lower with no crossover in sight, adding to bearish bias.
Daily Outlook Points to Deeper Retest Below $104K
On the daily chart, the rejection from the $112,000 region has led to a sharp drop back to the 0.236 Fibonacci level at $103,188, a critical support line to watch. If this level fails, the next major demand zone rests near $100,000, which also aligns with the lower trendline extending from the April breakout.
The Ichimoku cloud on the 30- minute chart shows a flat Kumo resistance at $105,600, making any short-term upside attempts difficult unless bulls reclaim that zone decisively. The Stochastic RSI, now hovering near 92, suggests that the relief bounce may be losing steam quickly.
Why Bitcoin Price Going Down Today?
The drop in the Bitcoin price today is largely driven by three converging factors: rejection from key Fibonacci resistance near $112,000, a breakdown of the EMA cluster around $106,000, and a spike in selling volumes near local tops.
Additionally, Bitcoin failed to hold its prior uptrend on both the 4-hour and daily structures, signaling a shift in momentum. Sentiment has also turned cautious amid fresh speculation around delayed interest rate cuts by the U.S. Federal Reserve, which has impacted risk-on assets.
Short-Term Forecast: Support Retest Likely Before Recovery
In the short term, if Bitcoin price sustains above $103,200, a minor relief rally toward $105,600 remains possible. However, a rejection from this zone would likely lead to a continuation down toward the $100,000 support base.
A decisive reclaim above $107,500 is needed to shift the bias back in favor of the bulls. Until then, volatility remains elevated, and downside risks persist.
Bitcoin ($BTC) Technical Forecast Table
| Indicator | Signal | Value/Zone |
| RSI (14, daily) | Bearish, near oversold | 36.81 |
| MACD (4H) | Bearish crossover | -761.88 / -827.69 |
| 20/50/100/200 EMA (4H) | Resistance cluster | $106,899 to $107,119 |
| Ichimoku Cloud (4H) | Bearish, price below Kumo | Resistance at $105,600 |
| Bollinger Bands (4H) | Expanding, volatile | Support at $104,000 |
| Fib Retracement (Daily) | Key Support at 0.236 | $103,188 |
| Nearest Support Zone | Horizontal + Fib confluence | $103,200 – $102,500 |
| Nearest Resistance Zone | EMA cluster + trendline | $106,000 – $107,500 |
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