Bitcoin price slips below 100 EMA while volume drop confirms waning selling pressure
Bitcoin forms bearish death cross
Bitcoin price is struggling to regain momentum after retracing from a key supply zone at $110,600 earlier this week. The weakness continues through Thursday’s European session, as the asset trades near $108,000, down 0.5% for the day. This has cut weekly gains to 2%, reflecting hesitancy among bulls to drive the price beyond last week’s highs.
• Bitcoin slips 0.5% today near $108,000 trimming weekly gains to 2%
• A death cross on the 1-hour chart and falling volume reflect bearish short-term pressure
• Key support at $106,900 could determine whether price rebounds or drops further
The pressure started in today’s Asian session where Bitcoin printed an initial high at $108,850 before sellers pushed the price lower to $107,400 in the European session. This marks a continuation of the pullback that began after the price approached the supply zone at $110,600. From a technical standpoint, the short-term outlook has turned weaker.
BTC price dynamics (May - June 2025). Source: TradingView
A death cross formation on the 1-hour chart between the 20 EMA and the 50 EMA near $108,800 highlights the growing bearish pressure. Bitcoin is also trading below the 100 EMA at $108,100, which currently caps any intraday recovery attempt. This 100 EMA aligns closely with the 0.5% Fibonacci retracement level, turning it into a critical barrier that buyers need to reclaim to restore confidence.
Bitcoin traders eye $106,900 Fibonacci support as defense before deeper correction
Volume trends confirm the weakening momentum. Since the pullback began on Wednesday, Bitcoin’s trading volume has steadily declined. This indicates that profit-taking activity is easing. However, the declining volume also reflects a lack of conviction from buyers, supporting the idea that the market is entering a pause phase after a significant bullish leg.
Support lies near $106,900, a level that coincides with the 0.786% Fibonacci retracement of the recent bullish range. This level will likely be a key decision point. If price tests and holds above it, it could signal a foundation for a potential rebound.
Until Bitcoin reclaims both the 100 EMA and the 0.5% Fibonacci level, the near-term bias leans bearish. Any upside movement from here would first face resistance at the 20 EMA near $108,500, which aligns closely with prior intraday highs and short-term supply.
The broader price movement suggests Bitcoin is pausing after a strong rally, as traders reassess the sustainability of further upside. Technical signals are currently pointing to caution, unless bulls reclaim higher ground above key moving averages.
Bitcoin death cross on the 1-hour chart and falling volume reflect bearish short-term pressure. Key support at $106,900 could determine whether price rebounds or drops further.
