Bitcoin Rejected At $110K As Chart Projects Pullback to $70K Zone

Bitcoin hit $107717 but formed a double top near $110388 which could trigger a reversal toward $70K

If the $94K key support breaks then BTC may fall to $73858 or lower within the wide $60K zone

Analyst marked the $64890 and $69000 levels as long-term support from previous 2021 and 2022 all-time highs

Bitcoin (BTC) is trading near $107,717 while facing strong resistance at $110,388, as per the latest daily chart shared by CryptoCapo. The technical setup suggests a potential retracement toward the $70,000 zone if the rejection continues. The chart was published on June 25, 2025, and remains in focus amid growing trader concerns over short positioning.

The analysis outlines three critical price zones—current resistance at $110K, a key level near $94K, and a broader support region between $60K and $70K. A visible double-top formation has formed near the recent highs, which may signal further weakness if neckline support fails.

Could Bitcoin's failure to clear $110K mark the start of a deeper correction before any new highs?

Key Resistance Blocks Immediate Upside

The chart indicates that Bitcoin recently tested the $110K range but failed to close above the 2024 all-time high. The red resistance zone spans from $107,717 to $110,388, acting as a ceiling for multiple attempts since early June. The price has hovered below this zone for weeks.

On the visual setup, a rounded top is drawn near the peak, forming a textbook double-top pattern. This pattern is often viewed as a bearish reversal structure, particularly after extended upward movements. Such formations signal exhaustion and suggest sellers are gaining control.

CryptoCapo highlighted this pattern and marked the potential breakdown path with a downward arrow stretching toward previous support levels. If the price breaks below the $94K key level, the chart implies a sharp drop toward $73,858 or possibly lower.

Support Zones Show Critical Long-Term Levels

The blue support zone on the chart ranges from $60,000 to $70,000 and includes the 2021 all-time high of $69,000. This range has acted as long-term support in previous cycles, offering a cushion during major corrections. The zone also aligns with the April 2021 peak of $64,890.

Analysts have long viewed this $60K–$70K band as a psychological floor that can attract renewed buying pressure during market dips. The current price action could revisit these levels if BTC loses the $94K pivot. Volume data historically shows strong bids entering between $65K and $70K.

A deeper move toward this zone would mark a 30 percent retracement from the recent $108K high, which is not uncommon in post-bull market structures. However, a close above $110K would invalidate the current bearish bias and shift the trend back toward continuation.

Market Sentiment Turns Cautious as Shorts Increase

CryptoCapo shared the chart with the statement, “Capo is adding to all his shorts,” signaling growing bearish conviction. The post, published on July 6, 2025, has since gained over 73,000 views and nearly 400 reposts. The sentiment has prompted speculation about market downside potential.

Traders reacted to the post with mixed views, with some calling for caution and others asking what CryptoCapo might know. The rising interest in shorts may indicate a broader expectation of retracement before any further upside resumes.

The “real capitulation area” is marked below $73,858, suggesting that a break below this level could accelerate downside momentum. For now, $94,000 remains the next technical level that BTC must hold to avoid further downside.