Bitcoin news: BTC price weakens amid low volume and trade uncertainty, triggering profit-taking
Bitcoin price weakens after rejection at descending channel top
Bitcoin price opened the new week on a weak footing after posting three consecutive green daily candles over the weekend.
The rally, which started from the $106,500 support level, briefly lifted price above last week’s high during early Monday trading in Asian session. However, the bullish momentum stalled at $108,800, where price was rejected by the top boundary of a descending channel that has framed Bitcoin’s lower highs and lower lows since May.
Highlights
-Bitcoin trades lower after rejection at the descending channel top near $108,800
-Weekend rally loses momentum as pre-hedging ahead of tariff talks weighs on sentiment
-Key support at $106,500 faces fresh test as risk bias leans downward
As of the European session on Monday, June 30, Bitcoin is now trading around $108,100, down 0.5% for the day. This pullback has opened the door for a potential full retracement of the weekend gains if sellers extend control through the rest of today’s trading sessions.
BTC price dynamics (May - June 2025). Source: TradingView
Technically, $106,500 is the nearest visible support and a critical zone to watch. This level has served as a launchpad for short-term rebounds, but its ability to hold a fresh wave of selling pressure will be tested again if bearish momentum intensifies. Volume data from Binance shows that last week’s price recovery came on declining trade activity, suggesting limited conviction behind the rally. This adds weight to the argument that the current rejection at the top of the bearish trend channel could mark a continuation of the broader downtrend.
Bitcoin faces renewed selling ahead of July 9 tariff ruling
Fundamentally, the timing of today’s pullback may also reflect a wave of pre-hedging behaviour by traders ahead of the July 9 tariff decision. As uncertainty grows over whether upcoming trade negotiations will resolve the underlying disputes, risk-off positioning has resurfaced. This has prompted some profit-taking even as Bitcoin adoption trends gain traction, including more public firms allocating Bitcoin to their balance sheets.
If price drops back to $106,500 and fails to bounce meaningfully, it would mark another failed breakout attempt and place pressure on short-term bulls. On the other hand, if the support holds and sentiment stabilises, Bitcoin could settle into a consolidation pattern while markets await fresh macroeconomic cues. For now, the balance of risk leans toward a retest of lower levels unless Bitcoin breaks cleanly above the bearish trendline that capped today’s high.
Bitcoin open interest rose over 6% on Binance which suggested traders were prepared for a strong move. Bitcoin faced rejection at $108,300 and held support at $106,600 as it paused its rally.
