The Bitcoin price today is trading around $104,500, reflecting a narrow range following recent failed breakout attempts above the $108,000 zone. Despite brief spikes above key resistance, Bitcoin price action has remained capped below a declining trendline.
BTC price forecast (Source: TradingView)
The current sideways movement has raised questions about why Bitcoin price going down today even with solid on-chain support and strong liquidity near $104,000.
What’s Happening With Bitcoin’s Price?
BTC price forecast (Source: TradingView)
On the 4-hour chart, BTC remains trapped within a symmetrical triangle, bounded by $103,400 as support and $105,600 as resistance. The Bitcoin price has been consolidating below the 20/50/100 EMA cluster ($104,950–$105,792), while the 200 EMA at $106,672 continues to act as a strong ceiling. This compression is mirrored by shrinking Bollinger Band width and a falling ATR, indicating reduced Bitcoin price volatility.
BTC price forecast (Source: TradingView)
The RSI sits at 44.4, showing mild bearish bias without being oversold. MACD is flat near the zero line with histogram bars tightening — a typical setup before a volatility expansion.
BTC price forecast (Source: TradingView)
The latest Parabolic SAR dots are now positioned above price candles, reinforcing near-term downside pressure, while the Directional Movement Index shows a weakening ADX, implying indecision.
Why Bitcoin Price Going Down Today?
BTC price forecast (Source: TradingView)
One major reason Bitcoin price going down today is visible on the Smart Money Concept chart. The recent push into the $108,000–$109,000 liquidity zone was met with aggressive selling, as evidenced by a change-of-character (CHoCH) and rejection near the previous BOS area. The failed attempts to establish a higher high above this weak liquidity zone have since triggered a return to equilibrium levels.
BTC is currently trading just above a significant demand block near $103,400. A sustained close below this could expose deeper support layers at $102,000 and $100,600. On the flip side, bulls will need to clear $105,800 to invalidate the current lower high structure.
Bitcoin Options Data Suggests Neutral to Bearish Sentiment
BTC price forecast (Source: TradingView)
Looking at Deribit options expiring on June 21, a large chunk of open interest is concentrated around the $105,000 and $104,000 strikes, with puts outweighing calls slightly in both size and implied volatility.
The implied volatility for ATM contracts remains around 31% for June 21 expiry, hinting at muted expectations for a breakout within the next 24 hours. This aligns with the tight consolidation seen across the 30-minute and 4-hour charts.
Short-Term Outlook: Will BTC Price Break Above $105,500 or Retest $103,000?
BTC price forecast (Source: TradingView)
If Bitcoin price can reclaim $105,500 on a closing basis and break above the descending resistance trendline, bulls may attempt a rally toward $107,000 and eventually retest $108,500. However, the lack of momentum and flattening volume suggest upside may be capped unless fueled by a catalyst.
Conversely, if the $103,400–$104,000 support zone fails to hold, BTC could retest $102,000 and possibly $100,600 — both major liquidity pockets. A break below $100K would only be likely if broader macro sentiment turns sharply risk-off.
Bitcoin Price Forecast Table: June 21, 2025
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