Bitcoin Faces $100K Threat as Bearish Patterns Signal July Correction

Bitcoin has stalled below $110K as July begins, with multiple bearish signals hinting at a potential reversal.

Bitcoin impressive rally may be nearing exhaustion, as the flagship cryptocurrency struggles to sustain momentum just under the $110,000 threshold. With July now underway, technical indicators suggest that a short-term pullback could be in the cards.

The $109,000 price zone has become a formidable resistance barrier. After repeated attempts to break above it, Bitcoin is now facing renewed scrutiny as analysts warn of weakening bullish strength.

One of the key signals triggering alarm bells is the bearish crossover on the Stochastic RSI. This movement, often associated with a waning buying trend, points to the possibility of momentum shifting toward the bears. Meanwhile, the standard RSI is pulling back from previously overbought levels, adding further evidence that the current uptrend might be losing fuel.

Crypto analyst Lenaert Snyder highlighted the rejection near $108,600, suggesting that Bitcoin could be heading into a short-term retracement. He pointed to a support zone between $101,000 and $103,000 as a potential stabilization point. According to Snyder, a shakeout may be necessary to flush out overextended long positions, resetting the market for a healthier foundation.

Volume also plays a key role. Unless BTC can break through $109,000 with convincing volume and hold that ground, technical momentum appears to favor the downside. Traders will now watch closely for how Bitcoin behaves around these key thresholds, as its performance may define the early course of the crypto market in July

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