Will Bulls Regain Momentum Above $106K or Face Deeper Correction?

After a volatile start to June, the Bitcoin price today is consolidating just under a major resistance cluster as traders assess whether bulls have enough momentum for a sustained breakout. As of writing, Bitcoin price is hovering near $105,470, recovering slightly from intraday lows around $105,168. This cautious rebound follows recent rejections near the $106,000–$106,500 supply zone, keeping BTC trapped between key trendlines.

What’s Happening With Bitcoin’s Price?

Looking at the 4-hour and daily charts, Bitcoin price action appears to be caught between opposing pressures. While BTC has reclaimed higher lows since the May rebound from $93,232, the $106,000–$106,500 region remains a firm ceiling. Sellers have stepped in aggressively near that red supply zone, halting attempts to revisit the $108,000–$112,000 range.

BTC price dynamics (Source: TradingView)

On the daily chart, BTC remains supported above the 0.236 Fibonacci retracement at $103,145, but the price is struggling to hold momentum above the 20-EMA and 50-EMA cluster around $105,160–$105,940. This EMA resistance cluster has acted as a dynamic barrier over the last few sessions, reinforcing current range-bound conditions.

Why is the Bitcoin Price Going Down Today?

BTC price dynamics (Source: TradingView)

The primary driver behind why Bitcoin price going down today appears to be the short-term rejection from the descending trendline on the 4-hour chart. This trendline, extending from the May 27 high near $112,000, has consistently capped rallies, with price currently compressing below this resistance. Adding to the downside pressure, MACD shows a bearish crossover on the 30-minute chart, while RSI has slipped back toward the neutral 51 zone after briefly touching 60.

The presence of lower highs in shorter timeframes and rejection wicks on the 30-minute and 4-hour candles suggest that traders remain cautious, especially with no major bullish catalysts triggering risk-on flows in broader markets.

Indicators Show Mixed Bias As BTC Enters Compression Zone

BTC price dynamics (Source: TradingView)

On the 30-minute chart, Bollinger Bands have tightened significantly, indicating an incoming volatility surge. The Bitcoin price update shows compression between $104,200 and $105,800. A decisive breakout beyond this range will likely define the next short-term trend. If bulls manage to clear $106,000 with volume, a rally toward $108,393 and $110,000 becomes plausible.

BTC price dynamics (Source: TradingView)

Stochastic RSI on the 30-minute chart is recovering from oversold territory, currently around 8.15 and 3.62, suggesting short-term rebound potential. Meanwhile, the Ichimoku Cloud on the 1-hour and 4-hour charts shows BTC hovering around the flat Kijun and Tenkan levels, lacking clear momentum for trend continuation.

Short-Term Forecast and Key Levels to Watch

BTC price dynamics (Source: TradingView)

While mid-term structure remains bullish as long as BTC holds above $103,145 (Fib 0.236), short-term weakness may persist if $106,000 continues to act as resistance. Key support is located at $104,200, and deeper pullbacks could revisit the $102,955 (200 EMA on 4H) or even $100,900 if broader sentiment weakens.

BTC price dynamics (Source: TradingView)

In contrast, a clean break above $106,000 backed by strong volume would signal bullish continuation, opening the door toward $108,393 and higher. A sustained move above $108,000 would mark the beginning of a renewed impulse wave toward April–May highs.

BTC Forecast Summary for June 4, 2025

The Bitcoin price volatility heading into June 4 suggests a breakout is nearing. Whether BTC bulls can reclaim the $106,000 pivot or sellers extend the range correction will be key in determining the next 48-hour path. Stay tuned for the next Bitcoin price update.