- Bitcoin holds above $109,000 with buyers defending key EMAs, eyeing a breakout above the $110K resistance as Fed minutes approach.
- RSI at 59.09 and rising, signaling growing bullish momentum; price action reflects a tightening consolidation below $110,000.
- BTC structure remains bullish as price rejects dips near the $106,500–$108,000 zone, setting the stage for a potential June high retest.
On Wednesday, Bitcoin (BTC) stabilized around $109,500, waiting for the minutes of the meeting of the U.S. Federal Reserve. The market was at a quiet position, and there was no volatility trigger. Market participants are awaiting hints regarding interest rate reductions that could alter the cryptocurrency sentiment in the coming weeks.
The upper range level of $110,000 has been acting as strong resistance to Bitcoin. The level of support between $98,000 and $99,000 has remained quite firm, and the bullish structure has remained intact so far. There is price action that indicates consolidation at the high range of the latest range.
Also Read: Bitcoin Inches Toward $109,000, Will It Break Out This July?
BTC Holds Firm as Buyers Eye $110K Break
BTC has demonstrated its strength after recovering above the $105,000 area and attempting further advance to the third critical obstruction of $110,000. At the present time, Bitcoin is trading at $109,447 with a 0.71% increase in the day. The 4-hour chart indicates a contracting trend backed by the stable upward dynamics of technical indicators.
Source: CoinMarketCap
The short-term picture is also supported by a bullish statistical direction of moving averages. The 50 EMA is positioned above the 100 EMA and 200 EMA, indicating that it has significant momentum. The current prices of the EMAs are $108,340, $107,468 and $106,563. The value of bitcoin has resisted all three levels, indicating that buyers are holding their ground against a sell.
Source: TradingView
RSI Climbs as Bears Weaken
Relative Strength Index (RSI 14) is at the moment 59.09. Although it is not in the overbought region of 70, it indicates an increase in bullish activity. RSI is also increasing consistently, and this fact adds more arguments in favor of the breakout.
The lower time frame candlestick patterns record decreased selling pressure. Several incremental lower buying volumes and lower wicks indicate that the bears are losing their grip. An obvious break past the Bitcoin price resistance of $110,000 would signal a bullish breakout and may present an opportunity to retest the June highs.
Nevertheless, one should be cautious. In case BTC drops to $110,000, it would fall back and test the price support at $108,300, which is coincident with the 50 EMA. A further weakness would most probably get a soft landing at $107,400 and also the $106,500 level—representing the 100 and 200 EMAs, respectively.
In general, the technical Bitcoin setup is bullish, but the market requires condensation. It may cause the next leg up or deeper consolidation. The price of Bitcoin remains contracted below its crucial $110,000 resistance level to date.
Also Read: Bitcoin Set to Rise: The Dollar’s Decline May Unlock Major Growth
