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is another leg down incoming?

is another leg down incoming? WikiBit 2025-06-07 02:27

Bitcoin is facing a tough battle at a critical resistance zone following a sharp correction. With weakening volume and a bearish retest in play, lower

Bitcoins recent bounce has taken price directly into a dense resistance zone that includes the 200 MA, a daily horizontal resistance at $103,000, and the golden ratio (0.618 Fibonacci). Historically, such confluence levels are difficult to break without strong conviction and volume, both of which are currently absent.|

Volume analysis shows that the rally into this resistance zone has occurred on declining buy-side interest, raising red flags for a bullish continuation. Without a sudden spike in volume, this setup resembles a textbook bearish retest, a common pattern in downtrending markets, where price revisits former support turned resistance before continuing lower.

Market structure has now clearly shifted into a bearish state. The recent correction not only broke prior swing lows but also confirmed a new lower high with this failed push. This means that unless the $103,000 level is reclaimed and held with strength, the trend remains tilted to the downside.

What to expect in the coming price action

If Bitcoin fails to reclaim the $103,000 resistance cluster with strong volume in the near term, another leg down becomes increasingly likely. Traders should watch for signs of a confirmed lower high forming, which could signal a move toward deeper support levels.

Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

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