After a prolonged pullback from its late May highs above $112,000, Bitcoin price today is hovering around $104,250 as of early June 1, marking a sharp retreat from peak levels. The price has lost the 20/50/100 EMA cluster on the 4-hour chart and is now consolidating below the key resistance zone of $105,000–$106,000, a range that capped multiple bounces this week. The trendline support drawn from the early May breakout has also been breached, increasing caution among bulls.
What’s Happening With Bitcoin’s Price?
BTC price forecast (Source: TradingView)
On the daily chart, Bitcoin price action reflects a weakening structure after facing repeated rejection near the 0.0 Fibonacci extension zone of $112,000. The recent retracement has pushed BTC back toward the 0.236 Fib level at $103,145, which is now being tested as near-term support. A breakdown below this level could expose the price to further downside toward the $100,000 psychological level, followed by the $97,600 (Fib 0.382) support zone.
BTC price forecast (Source: TradingView)
Meanwhile, the 4-hour chart shows Bitcoin price volatility tightening below a red supply zone near $105,000. Bollinger Bands are beginning to constrict, and price candles remain below all key EMAs, suggesting downward pressure remains dominant. The 200 EMA at $102,692 is now the critical final support for the near-term trend, with a sustained breakdown potentially accelerating losses.
Short-Term Indicators Signal Bearish Pressure
BTC price forecast (Source: TradingView)
Zooming into the 30-minute chart, the Bitcoin price update reveals an indecisive consolidation phase just below $105,000. RSI is hovering around 43.39, reflecting weakening bullish momentum, while the MACD histogram remains close to the zero line with a mildly bearish crossover, suggesting limited upside for now. This aligns with continued failure to clear the $104,800 ceiling despite multiple intraday attempts.
BTC price forecast (Source: TradingView)
Ichimoku analysis reinforces this outlook. On the 30-minute chart, BTC is now trading inside a thin cloud structure with flat Tenkan-Sen and Kijun-Sen levels, indicating an absence of momentum. Price remains below the leading span A and B, and unless BTC breaks above $104,460 with conviction, further downside tests could emerge.
Why is the Bitcoin Price Going Down Today?
BTC price forecast (Source: TradingView)
The question of why Bitcoin price going down today ties closely to exhaustion near multi-month highs. After hitting $112,000 last week, profit-taking and technical overextension sparked a decline. The Stoch RSI on lower timeframes has cooled off significantly, with the latest reading at 27.52 showing momentum entering oversold territory. The Chande Momentum Oscillator, too, is flat near the zero line at 1.46 — highlighting the lack of bullish acceleration.
BTC price forecast (Source: TradingView)
The breakdown from the rising wedge structure on the 4-hour chart was the initial trigger for this correction. Now, even minor rebounds are being sold into, confirming a shift in short-term sentiment. If buyers fail to hold $103,000 support, it may prompt a move toward the $101,500–$100,000 range, where historical demand sits.
Bitcoin Price Outlook for 2nd June
BTC price forecast (Source: TradingView)
Looking ahead, Bitcoin price spikes may resume if BTC reclaims $105,000 with high volume, as that would flip the current supply zone into support. This could open the door toward $106,400 and potentially $108,000 in the short run. However, if rejection continues near the $104,800–$105,000 range, traders should expect a renewed decline toward the green demand zone between $102,500 and $100,000.
BTC price forecast (Source: TradingView)
The broader uptrend remains intact on the daily chart, but short-term momentum is clearly favoring sellers. Traders should monitor RSI behavior around 40 and MACD slope on the 1-hour chart to gauge the next move. A flattening of bearish indicators could set the stage for a volatility expansion — direction still undecided.
BTC Technical Forecast Table: 2nd June
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
