Cryptowzrd, in a fresh update on Bitcoin’s daily technical outlook, noted that the market closed bearish, leaving room for further downside. A decisive close below the $110,500 support could mark a key shift, making lower levels worth watching. 

Daily Candle Signals Bearish Pressure For Bitcoin

Cryptowzrd expanded on his outlook by pointing out that Bitcoin’s daily candle closed bearish, with price now trading beneath the $110,500 support zone. This breakdown is significant and could invite further selling pressure in the sessions ahead if buyers fail to reclaim the level.

He emphasized that holding below this support opens the door for a potential move toward the $100,000 mark. However, a strong bullish candle and a swift recovery could invalidate the bearish setup, restoring confidence for buyers.

In the analysis, he also highlighted the performance of Bitcoin Dominance (BTC.D), which closed indecisively while displaying weakness. This weakness in dominance is often viewed as a positive signal for altcoins, as it suggests capital is flowing away from Bitcoin and into alternative assets.

Such a shift in market dominance reflects growing market confidence in altcoins. When Bitcoin dominance stalls or declines, it tends to fuel altcoin rallies, allowing traders to diversify into promising setups across the market.

Finally, he noted that markets are heading into the monthly transition period, a time often associated with increased volatility and mixed sentiment. Going into the weekend, he emphasized the importance of staying rational and avoiding overextending in either direction, maintaining measured strategies while waiting for clearer confirmation signals.

BTC Volatility Dominates Intraday Trading

Cryptowzrd highlighted that today’s intraday chart displayed sharp volatility with a clear bearish tone, as Bitcoin slipped and is currently holding below the $110,400 intraday support. This level has now become critical, as losing it signals weakening buyer strength and raises the risk of further downside pressure. 

He explained that if Bitcoin retests $110,400 and fails to reclaim it, the level could flip into resistance. Such a scenario would likely trigger a short setup, with price action targeting the $105,500 support area or even extending lower if bearish momentum accelerates. This makes the $110,400 region a decisive battleground for traders closely watching intraday setups.

On the other hand, Cryptowzrd pointed out that a strong reclaim and hold above $110,400 could shift momentum back in favor of the bulls, opening the door for further upside pressure. However, the crypto analyst emphasized that the market currently lacks clarity, and traders should exercise caution before rushing in.

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The Bitcoin price crashed from as high as $106,000 to $102,000 on June 20, sparking sell-offs among investors. Now, crypto analyst Colin has indicated that the flagship crypto could still drop to as low as $92,800 and revealed what will happen if BTC gets there. 

The Current Bitcoin Price Action And What To Expect

In an X post, Colin said that it looks increasingly likely that the Bitcoin price will see a retest of at least 100,800 as the first major level of support. The analyst made this statement as BTC dropped out of a bullish pennant for a second time. The measured target for this bull pennant is $150,000. 

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However, with the most recent breakdown, the Bitcoin price threatens to decline further before any potential move to the upside. Colin stated that the next major levels below $100,800 are $97,600 and $92,800. He opined that BTC is likely to quickly rebound from these support levels if it gets there. 

The crypto analyst remarked that this Bitcoin price movement is all possible within the confines of the right shoulder of the larger inverse Head-and-Shoulders pattern. He added that this can make the right shoulder more complete, basically on the same level as the left shoulder. This analysis comes just a day after Colin revealed that BTC has deviated from the global M2 money supply. 

However, he suggested that the BTC bull market is far from over. The analyst noted that the deviation happens 20% of the time and doesn’t invalidate the macro trend. Basically, the Bitcoin price is primed to rally higher at some point and possibly reach the $150,000 measured target. Market expert Raoul Pal also commented on BTC’s correlation with the money supply, stating that it shows that there is no need to worry about the current price action. 

Bulls Need To Step In For BTC

In an X post, crypto analyst Titan of Crypto stated that the Bulls need to step in now for the Bitcoin price. He noted that BTC is facing a key test, having just been rejected at the Fair Value Gap at around $106,000. The analyst added that the flagship crypto is now retesting the lower boundary of the symmetrical triangle. 

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Titan of Crypto stated that if this lower boundary at around $104,000 fails, then the next level would be the previous weekly low at $102,679. If the Bitcoin price fails to hold that level, it could further drop to the liquidity pocket near $100,300. 

At the time of writing, the Bitcoin price is trading at around $103,500, down in the last 24 hours, according to data from CoinMarketCap.

Featured image from Getty Images, chart from Tradingview.com

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