Bitcoin is challenging a significant technical resistance zone around $109,000 as a key prediction market deadline for a $109,000 close approaches.
Currently trading near $109,090, Bitcoin faces a critical juncture. The horizontal resistance near $109,717 adds to the psychological barrier presented by the $109,000 level itself. Market participants are closely monitoring for a decisive breakout.
Technical indicators offer contrasting signals. The positive alignment, where the 50-day Exponential Moving Average (EMA) trades above the 200-day EMA, historically suggests a bullish long-term trend. However, current weakness in momentum is indicated by low Average Directional Index (ADX) readings; notably 13 on the 4-hour chart and 17 on the 1-hour chart.
Reflecting this uncertainty, prediction markets currently show only 50-50 odds on Bitcoin closing above the $109,000 mark by the critical July 11 deadline. External factors and shifting market sentiment are viewed as potential catalysts influencing Bitcoin’s price direction in the near term.