Quick overview

Live BTC/USD Chart

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Bitcoin failed to break above the $109,000 barrier and on Tuesday, it retreated to $105,250.

Bitcoin might have formed a local top or enter a period of consolidation, according to a market report by Bitfinex analysts. It is expected that buyers will make every effort to protect the $104,500 level because, if they fail, the pair could drop to the psychological support at $100,000.

A possible range expansion in the coming days is indicated by Bitcoin’s position between the moving averages and the downtrend line. The situation with Bitcoin is a classic example of being “so close, yet so far” from a technical standpoint.

Multiple attempts to break through the $107,500–$108,000 zone as shown on the four-hour chart.

Candlesticks with wicks from these failed breakouts indicate that sellers were able to overpower buyers who had pushed prices higher. Despite the relative strength, the upward-sloping moving averages suggest a slight advantage for the bulls.

Wall Street reached all-time highs thanks to gains in technology stocks, while cryptocurrency markets have substantially underperformed other risk-oriented markets, especially stocks. The two primary sources of uncertainty for markets were the Senate’s approval of a contentious tax cut and spending bill and Trump’s tariff plans ahead of the July 9 deadline for deals.