BTC/USD – bearish pressure persists while price remains under cloud base

BTC/USD is consolidating after a sharp three-day selloff of more than 6%, largely driven by heavy institutional selling.

The pair briefly rebounded from a six-week low earlier today, though the upside remains limited, highlighting persistent downside pressure.

The latest decline broke through key support levels at 111370 (50% retracement of the 98182–124558 rally / 100DMA), 110722 (base of the thick daily cloud), and the psychological 110000 mark. Breaching these levels delivered a strong bearish signal, with repeated daily closes below them expected to confirm the signal and open the way for a deeper correction from the record high.

Bears now target 108258 (61.8% Fibo), with stronger momentum likely to extend losses toward 105097 (July 2 higher low) and 104407 (76.4% Fibo).

Technical studies remain firmly bearish: the thick daily cloud continues to cap upside, moving averages are aligned in a bearish setup, and momentum is strongly negative. Oversold stochastic readings may slow the pace of decline but are unlikely to shift the broader bearish bias.

Ideally, consolidation should remain below the daily cloud to keep sellers in control. Only a sustained break above the 100DMA would ease downside risks and allow scope for a stronger corrective rebound of the 117169–108665 decline.

Res: 110000; 110370; 110772; 111634
Sup: 109379; 108665; 108258; 107419