Bitcoin Stuck in Six-Day Chokehold as 20-Day EMA Thwarts Recovery

Bitcoin's price action has hit a wall—six days of sideways grinding with zero progress. Every attempt to claw back gets smacked down by the 20-day exponential moving average, that ruthless trend enforcer traders love to hate.

No fancy breakout narratives here. Just a market stuck in purgatory while crypto bros cope on Twitter. Meanwhile, traditional finance guys are probably sipping lattes and whispering 'told you so' into their Bloomberg terminals.

BTC price dynamics (March - June 2025). Source: TradingView

The proximity of price to the previous day’s low at $104,300 increases the risk of a further decline. A drop below that level WOULD register a fresh three-day low and likely accelerate selling pressure toward last week’s low at $103,100, which aligns closely with the 0.786% Fibonacci retracement of the May rally. That level has consistently attracted buyers, but another test could challenge that support strength.

Bitcoin RSI near 44 signals weak momentum as range structure limits upside

From a momentum perspective, there is little evidence to support a bullish reversal in the short term. The daily RSI remains flat just above the neutral 50 mark, while the 4 hour RSI is tilted bearish around 44, indicating lack of immediate upside momentum.

To shift the near term structure back in favor of bulls, bitcoin must first reclaim the 20 day EMA and then build strength above the $106,400 resistance. That area marks the 50% Fibonacci level and a successful breakout above it could pave the way for a bullish continuation of the previous uptrend from $100,700 to $112,000. Until then, technical structure favors continued range trading or further weakness, especially if sellers force a retest of the $103,100 support.

Bitcoin stalls NEAR $106,900 after three-day rally, signals hesitation at key resistance. Flat funding and recent long liquidations hint at a reset before possible breakout.