Bitcoin Finds Temporary Refuge at $101,703

Market Analysis – June 23

Bitcoin recently completed a failure swing following a steady climb from the demand level of $74,420 to a peak of $112,000. Over the past month, the price has formed swing lows around the $101,703 level—both before and after reaching $112,000. This newly identified support is under pressure, facing renewed tests as bearish sentiment begins to surface.

Bitcoin Key Levels

Demand Levels: $100,703 , $91,271 , $74,420
Supply Levels: $109,358 , $120,000 , $130,000

BTCUSD Long-Term Trend: Bullish (Under Threat)

On the daily chart, Bitcoin maintained a bullish market structure marked by consistent higher highs and lows, supported by a Smoothened Heikin Ashi uptrend. A notable bullish divergence between price and the Relative Strength Index (RSI) signaled strength in April, as RSI formed a higher low while price retested the $74,420 level.

The subsequent rally reached the supply zone at $109,359, but recent developments suggest weakening momentum. Smoothened Heikin Ashi candles have turned red, and the bullish trendline that underpinned the recent rally has been broken. The presence of a failed high formation further threatens the continuation of the long-term uptrend.

Bitcoin Short-Term Trend: Bearish

On lower timeframes, $101,703 has served as a critical support level—acting as a temporary refuge for price. However, a clear bearish structure is now visible. Should price decisively break below $101,703, it would confirm a short-term bearish breakout, opening the door for deeper retracements toward lower demand zones.

Bitcoin’s bullish momentum is weakening. While $101,703 is currently providing temporary support, the market is at a critical junction. A confirmed breakdown could trigger further sell-side pressure, potentially shifting the broader trend outlook if not reclaimed swiftly.

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