Bitcoin's Short-Term Outlook Faces Pressure; Long-Term Growth Still Intact

Bitcoin (BTCUSD)

Fundamental Analysis

Bitcoin continues to face rejection around the $110,000 level, pulling back slightly to $108,200. The break below the short-term ascending trendline and trading under the 100-hour SMA signal rising short-term selling pressure. The nearest support lies at $107,500 – $106,500; a break below this zone could send the price lower toward $104,200.

Still, the medium-term outlook remains bullish, supported by 9% global money supply growth and expectations for a rally toward $117,000–$160,000 in the coming  year.

Technical Analysis

The price is moving sideways within a range of approximately $105,281 – $110,587, following a strong rebound from the deep support zone at $97,766 – $102,374.The RSI is around 42.56 and crossing below the signal line, indicating weakening momentum.

This current consolidation phase (from late June to early July) is marked by contracting volume, reflecting market indecision, with neither buyers nor sellers showing clear dominance.

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