Kraken Market Watch: Bitcoin Battles Resistance Near $110K as Bulls Lose Steam

Bitcoin's upward momentum has hit a snag near the $110,000 resistance level, with prices pulling back to test crucial support zones. As of July 8, 2025, BTC is trading below $108,500 after failing to sustain its rally past this psychological barrier. Technical indicators suggest weakening bullish pressure, particularly after Bitcoin broke below a key trendline at $108,200 on the hourly charts. Market participants are now closely monitoring the $106,500 support level, which could determine the cryptocurrency's near-term trajectory. This development comes amid ongoing volatility in the crypto markets, with traders assessing whether this represents a temporary consolidation or the start of a more significant correction. The situation presents both challenges and opportunities for investors using platforms like Kraken to navigate these market movements.

Bitcoin Faces Resistance Near $110K as Bulls Struggle to Maintain Momentum

Bitcoin's rally stalled below the $110,000 mark, with prices retreating after failing to breach this psychological barrier. The cryptocurrency now hovers below $108,500, testing key support levels that could determine its near-term trajectory.

Technical indicators show weakening momentum, with BTC breaking below a crucial bullish trendline at $108,200 on the hourly chart. Market participants watch the $106,500 support zone closely—a hold above this level could pave the way for another upward attempt.

The $108,500 level emerges as critical resistance, coinciding with the 50% Fibonacci retracement of the recent pullback. A decisive close above this threshold might reinvigorate bullish sentiment, while failure could see extended consolidation.

Ethereum Price Tests Key Support Amid Potential Upswing

Ethereum shows resilience as it holds above the $2,520 support level, with technical indicators suggesting a possible bullish reversal. A decisive break above $2,580 could confirm the next leg higher.

The formation of a bullish trend line at $2,530 on the hourly chart adds credence to the upside scenario. Market participants are watching for ETH to clear the immediate resistance at $2,550, which WOULD open the path toward $2,600.