Bitcoin Price Today: BTC Consolidating Near $109K, Targeting a Breakout Above $110K Resistance

After reclaiming lost ground earlier this week, the Bitcoin price today is trading around $109,560, consolidating just under the $110,000 psychological barrier.

The Bitcoin price today is trading at around $109,560 as it consolidates just under the $110,000 psychological barrier. The market’s recent recovery from a May 24 dip has turned attention to whether bulls can muster enough momentum to pierce through $111,287 and retest the yearly high at $112,000.

A mix of strong institutional flows, range-bound consolidation, and signals from key technical indicators suggest a breakout could be in play—if the bulls defend the current zone convincingly.

What’s Happening With Bitcoin’s Price?

The Bitcoin price action over the past 48 hours shows a successful bounce from the $107,000 zone, where a cluster of EMA supports (20/50/100 on the 4-hour chart) cushioned the selloff. This bounce saw BTC form a bullish engulfing pattern on shorter timeframes, followed by a clean break above the descending resistance trendline drawn from May 23’s peak.

On the 4-hour chart, Bitcoin price volatility has contracted slightly after hitting intraday highs near $109,769. However, momentum remains tilted upward, with price now wedged between $109,000–$110,000 in a narrow flag structure. A breakout above this band could quickly open the door toward the $111,300–$112,000 resistance ceiling, which has been unbroken since May 23.

Credit: TradingView

RSI, MACD Show Uptrend Retention but Warn of Caution

Momentum indicators signal that while bulls remain in charge, a cautious approach is warranted.

The RSI on the 30-minute and 4-hour charts is holding above 64, showing near-overbought behavior but without bearish divergence yet. Similarly, the MACD is still in bullish territory, with the MACD line above the signal line and histogram bars showing positive continuation. However, the slope is beginning to flatten, suggesting a potential cooldown or consolidation if price does not break $110K soon.

On the Ichimoku Cloud, BTC remains above the Kumo on both the 1-hour and 4-hour views. Conversion lines continue to track above base lines, confirming short-term bullish strength. But on lower timeframes, the lagging span is nearing price—hinting that momentum could stall unless volume picks up.

Why Is Bitcoin Price Going Up Today?

The question is: Why is Bitcoin price going up today despite short-term resistance? A strong recovery from oversold momentum zones pairs with supportive structure on higher timeframes.

On the daily chart, Bitcoin price update shows BTC continuing to ride above the neckline of the breakout zone around $105,000. This zone now acts as a solid macro base, backed by sustained ETF inflows and renewed whale accumulation near $107,000.

The 1D Bollinger Bands remain wide and expanding, confirming the presence of volatility. BTC is currently above the midline, with the upper band near $110,800 acting as the next dynamic resistance.

Furthermore, weekly Fibonacci retracement levels place $109,396 (1.0 Fib) as the final neckline before the potential continuation toward $130,900 (1.618 Fib). As long as BTC closes above this threshold on the weekly candle, the breakout narrative remains intact.

What to Expect From Bitcoin Price Prediction

Bitcoin is currently showing a classic “retest and build” structure. If bulls can defend $109,000 and push volume past $110,000, the next key zone sits between $111,200 and $112,000. A clean breakout and close above this level could set the stage for a run toward $115,400 or even $118,800 over the next week.

However, failure to breach $110K may result in another retracement toward the $107,800–$108,300 EMA cluster. Below that, $104,900 remains the critical downside pivot that must hold to preserve the current uptrend structure.

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