Bulls Struggle Near $108K As Momentum Weakens Inside Rising Channel

The Bitcoin price today is trading around $107,700 after facing rejection near $108,800, indicating a temporary loss of bullish momentum. Despite a breakout from the $105,000–$106,500 zone earlier this week, the price action is showing signs of short-term exhaustion as indicators turn mixed. The broader structure, however, still remains within a rising channel formation, leaving the door open for a potential push higher—if key support levels hold.

What’s Happening With Bitcoin’s Price?

After breaking above the key resistance band near $106,000, the Bitcoin price action surged to a multi-week high around $108,800. But this sharp move has slowed, with intraday charts now reflecting a bearish divergence. On the 30-minute and 4-hour charts, BTC is consolidating inside a narrowing range, with lower highs forming under a trendline capped near $108,400.

Notably, the 30-minute chart shows the price trapped between horizontal resistance and demand around $107,000. Several breakdown attempts have been absorbed, but the lower timeframe structure has now shifted slightly bearish, suggesting a possible test of support between $106,300 and $105,800 in the near term.

Why Bitcoin Price Going Down Today: RSI And MACD Turn Bearish

BTC price dynamics (Source: TradingView)

The Relative Strength Index (RSI) on the 30-minute and 4-hour charts has slid below 45, reflecting weakening buyer strength. The RSI previously rejected near 60 and is now hovering around 40.5, indicating that Bitcoin price volatility is leaning toward the downside as momentum stalls.

MACD also confirms this cooling phase. The fast and signal lines are below the zero line with declining histogram bars, highlighting the weakening momentum after a brief bullish crossover failed to sustain.

BTC price dynamics (Source: TradingView)

From a broader lens, the Ichimoku Cloud on the 30-minute chart shows Bitcoin slipping below the Tenkan and Kijun lines, with the price action now at the edge of the cloud. This suggests short-term indecision, where the bullish trend remains intact but is under pressure. A deeper dip below the cloud could accelerate the correction.

Bitcoin Price Today Faces Key EMA And Bollinger Levels

BTC price dynamics (Source: TradingView)

Bollinger Bands on the 4-hour chart are beginning to contract after a wide expansion, typically a sign of potential mean reversion. BTC is now trading near the lower band around $107,200, which could act as soft intraday support. A bounce from this zone may retest $108,500, while a break below could expose the 50 EMA near $107,000 and the 100 EMA at $104,800.

Importantly, the 20/50 EMA cluster between $107,250 and $108,475 has formed a dense resistance ceiling. As long as BTC remains under this band, buyers may face continued resistance in reclaiming bullish control in the short term.

Bitcoin Price Volatility Expands Inside Rising Channel

BTC price dynamics (Source: TradingView)

Zooming out, the weekly Fibonacci retracement shows Bitcoin has now closed above the 0.786 level near $106,700, with the next key Fibonacci extension target at 1.0, or $109,396. If bulls manage to stabilize the price above $107,500, the 1.618 extension at $130,988 comes into focus as the long-term target.

BTC price dynamics (Source: TradingView)

However, the rising channel on the daily chart—currently spanning from $105,000 to $110,500—is critical. A breakdown from this channel would shift the medium-term outlook from bullish to neutral, opening the possibility of a retest toward the $103,800 zone, which is aligned with a previous breakout structure.

Bitcoin Price Update: Will $107K Hold Or Break?

BTC price dynamics (Source: TradingView)

If Bitcoin price today remains above the $106,800–$107,000 support cluster, short-term buyers may attempt another rebound to reclaim the $108,600–$109,000 band. A successful breakout could open a path toward the $111,000 mark and possibly even test $112,200 highs again.

However, failure to hold $107,000 could trigger a pullback toward $105,800 and potentially extend to $104,300, which aligns with the mid-May support levels.

The current structure suggests a neutral-to-bearish bias on lower timeframes, but higher timeframe support remains intact. Traders should watch the $107K level closely for clues on whether BTC will stabilize or slip into a deeper corrective phase.