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BTCUSD forms lower highs below resistance, signalling imminent downside risk. The BTCUSD pair currently exhibits a bearish posture, with price action showing increasing signs of downside momentum. Technically, the pair has formed a clear descending triangle pattern, with lower highs capped below $112,000. The price has been rejected multiple times from the downtrend line stretching from the mid-May high near $112,000. Notably, BTCUSD failed to reclaim the $108,390 resistance zone and has now closed multiple daily candles below this level. This failure to sustain upward movement at key resistance levels typically precedes a sharp breakout, more likely to the downside given the context of weakening momentum.
A further decline could open the door to a measured move targeting $95,980 initially, which aligns with previous demand seen in early May. Should this level give way, extended losses toward the $85,000 handle become plausible, marking a deeper correction in the ongoing downtrend. Unless BTCUSD can reclaim the $108,400 zone and breach the descending trendline convincingly, the technical bias remains tilted to the downside.
BTC Key Levels
Supply Levels: $108,390, 115,000, $125,000
Demand Levels: $95,980, $85,000, $74,420
What are the indicators saying?
The 9-day Simple Moving Average (SMA) at approximately $105,390 is now acting as dynamic resistance, confirming weakening bullish interest as price remains subdued below it. The Relative Strength Index (RSI) reinforces this view, with a value of 47.36, below the neutral 50 mark, indicating growing bearish momentum. While the RSI hasn’t entered oversold territory, the loss of bullish strength is evident, especially as the index recently turned lower after a failed attempt to break above 53.
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