Latest Bitcoin news: BTC price rebounds to 8-day high but key concern lies in trading volume
Bitcoin climbs to an eight-day high
Bitcoin price extended its recovery on Wednesday, advancing 0.8% during the Asian session to reach an eight-day high near $106,800.
The rally, which began earlier this week after a ceasefire agreement between Israel and Iran, has pushed Bitcoin over 6% higher since Monday. However, the price met stiff resistance exactly at the $106,800 level, which prompted a brief pullback.
- Bitcoin climbs to an eight-day high near $106,800, but pullback highlights stiff resistance
- RSI crosses into bullish territory while price enters upper half of bearish channel
- Volume on Binance weakens amid doubts about the Middle-East cease-fire
Despite the minor retracement, Bitcoin is edging higher again in today’s European session, pointing to renewed bullish interest. Price action suggests that if Bitcoin can break past the $106,800 resistance zone, a retest of the top boundary of the prevailing bearish channel is likely. As of today, that upper trendline is just below the $109,000 mark.
BTC price dynamics (April - June 2025). Source: TradingView
The broader technical setup offers mixed signals. Since May, Bitcoin has traded within a descending channel, which has acted as a structural bearish formation. The latest rebound from below the $100,000 psychological level has now brought price to the top half of the channel. This shift is being reinforced by a change in the daily relative strength index. The RSI, which had lingered in bearish territory, has now crossed into bullish territory. This transition reflects strengthening upward momentum, increasing the chances of a resistance breakout.
Bitcoin sentiment stays neutral amid doubts about ceasefire reliability
However, a key concern lies in the trading volume. On Binance, Bitcoin's rally this week has been accompanied by declining volume, which tempers the enthusiasm around the price recovery. The muted participation coincides with the fear and greed index sitting at neutral, suggesting that traders are still evaluating the reliability of the ceasefire, which was reportedly breached at certain points. Despite the violations, the ceasefire message has acted as a stabilizing force in the crypto market.
If price fails to clear $106,800, near-term support sits at the 20-day exponential moving average around $105,000. Holding this support could maintain the bullish bias, while a rejection may send Bitcoin back toward the lower channel boundary. Overall, momentum has shifted upward, but a sustained breakout will require confirmation through stronger volume.
Bitcoin jumped 5% after the Israel-Iran ceasefire lifted market sentiment. Price bounced off the 100 EMA and broke above the 20 and 50 EMA levels.
