Technical Analysis of Bitcoin: Market Outlook on June 29, 2025

Technical analysis of Bitcoin on June 29, 2025, exploring key support/resistance levels and indicators.

As of June 29, 2025, Bitcoin (BTC) is in a corrective phase, with technical analysis pointing to a short-term bearish trend. The current price hovers around $105,753, near a key resistance zone between $108,200 and $108,800. This area has historically acted as a price ceiling, and recent price action shows rejection from this level, indicating seller dominance in the short term. Analysis of the four-hour chart reveals that Bitcoin failed to sustain a breakout above a descending trendline and is now consolidating below it. A critical support zone lies around $103,000, which has previously served as a strong demand area. Should this level break, a deeper correction toward $97,500 is possible, aligning with the 0.382 Fibonacci retracement level. The Relative Strength Index (RSI) currently sits at 45, indicating a neutral state with no signs of overbought or oversold conditions. The 200-day Moving Average (MA200) continues to act as dynamic support around $106,184, and as long as the price remains above this level, mid-term bullish hopes persist. However, a break below this MA could intensify selling pressure. From a price pattern perspective, Bitcoin appears to be forming a descending triangle, which could signal further downside. Still, a temporary bounce toward $106,500 is possible before the bearish move resumes. Fundamental factors, such as recent geopolitical tensions, are also contributing to market volatility. For traders, the optimal strategy is to wait for confirmation of a breakout above resistance or below support. Setting stop-loss orders below $103,000 for short trades or above $108,800 for long trades is advisable. Risk management is crucial in this volatile market, as Bitcoin is prone to sudden price swings. Overall, the current outlook suggests Bitcoin may test lower support levels in the short term, but holding above the MA200 could signal a potential bullish reversal in the mid-term. Traders should monitor the market closely and avoid impulsive decisions.