As of July 7, 2025, Bitcoin (BTC) is trading around $108,238, with a marginal 0.01% change in the past 24 hours. The market is currently in a consolidation phase, with traders awaiting clear signals for the next price move. This technical analysis explores key support and resistance zones, common indicators, and the overall market trend. Support and Resistance Zones The key support zone for Bitcoin lies between 106,500 and 107,150. This range has previously acted as a strong demand zone and has recently been tested as support after breaking prior resistance. On the other hand, the main resistance is observed between 110,000 and 111,000, aligning with Bitcoin’s recent all-time high of 111,906 on May 22, 2025. A breakout above this resistance could lead to new price discovery, targeting 114,000 or even $122,000. Indicator Analysis The Relative Strength Index (RSI) shows varying signals across timeframes. On the 4-hour chart, RSI is around 43, indicating weak momentum, while on the daily chart, RSI at 53 suggests neutral momentum. This reflects a lack of strong buying or selling pressure. The Williams %R indicator, at -66, is nearing oversold territory, hinting at a potential price reversal. Moving averages (EMA/SMA) continue to confirm a long-term bullish trend. The 50-day moving average remains above the 200-day moving average, signaling sustained upward momentum in longer timeframes. However, in shorter timeframes, the price is testing the 50-day moving average, which could act as dynamic support. Price Pattern Analysis Bitcoin is currently moving within an ascending channel, recently bouncing from the channel’s midline around 108,800. However, some analysts have noted a potential head-and-shoulders pattern on the daily chart, which could signal an impending correction. If the 106,500 support breaks, the price could decline to 103,000 or even 98,000. Potential Scenarios Bullish Scenario: If Bitcoin consolidates above 110,000 with increased trading volume (over 30% above the 20-day average), it could target 114,000 or $122,000. Bearish Scenario: A break below 106,500 could see sellers take control, pushing the price toward 103,000 or $98,000. Conclusion Based on current data, Bitcoin is in a consolidation phase, with the overall market trend depending on technical and fundamental factors like ETF inflows and Federal Reserve decisions. Traders should closely monitor key support and resistance zones and wait for confirmation from indicators and price patterns.