Bitcoin's Current Trading Position

Bitcoin (BTC) continues to trade near pivotal support after failing to reclaim the 20-day EMA. The coin closed at $108,362 and currently trades near $107,410 (-0.9%), sitting just below its 200-day EMA around $109.1K. A clear descending-wedge pattern has formed between 114K and 106K, compressing volatility and suggesting a potential breakout once volume returns.

Momentum and Technical Indicators

Momentum has faded across timeframes: the daily RSI has slipped to 43, while MACD shows a bearish crossover with no sign of positive divergence. The 4-hour chart confirms lower highs and weak follow-through, implying that buyers lack conviction above 110K. Meanwhile, volatility (HV10 ≈ 26) remains muted, creating conditions for a sharp move when direction resolves.

Key Price Levels to Watch

Key levels to watch include support at 106.7K → 105.3K → 102.9K and resistance near 109.9K → 111.8K → 114K. A daily close back above $109.9K would signal momentum re-entry and potential retest of the EMA20 zone around 111–112K. Conversely, a drop below $106.7K would likely extend selling toward the psychological $105K level and possibly $102K.

Overall Market Outlook

Overall structure remains technically bullish on the macro horizon but fragile short term.