Bitcoin News: Why Is Bitcoin Price Down Today? Rate Cut Doubts and Resistance Near $108K Pressure BTC

Key Takeaways:Bitcoin is down ~2.1% in the past 24 hours, trading around $106,958 on Binance following resistance at $108K.Fed rate cut expectations for June 18 are off the table, undermining bullish sentiment.If Bitcoin loses the $106K support level, it could slide toward $100K.Bitcoin Drops Below Key Resistance on Rate Cut DoubtsBitcoin (BTC) has fallen approximately 2.1% over the last 24 hours, now trading at around $106,958 on Binance. The decline follows a failed breakout above $108,000, compounded by Federal Reserve signaling that it will not cut rates at its June 18 meeting.Fed Hold Odds Spike After May CPIThe June 11 CPI report revealed inflation at 2.4% YoY (core at 2.8%), cooling but still above expectations. As a result, markets now see a 99.8% chance of the Fed keeping rates steady next week . With only two potential cuts penciled in for the rest of 2025—likely starting in September—crypto momentum has taken a hit.Investors Eye PPI ReleaseAll eyes are now on the Producer Price Index (PPI) for June 12. Forecasts suggest a +0.2% MoM rise (core +0.3%). Any surprise could amplify price action, with historically strong reactions during this release.Resistance Zone Remains Intact, RSI WeakensBitcoin continues to face stiff resistance between $108,800–112,000, unable to reclaim upside momentum. Technically, it's attempting a bull flag pattern, but the RSI has dropped to ~56, signaling weakening bullish energy.Key Technical Levels:Support: $106,000 – A daily close below here threatens trend damage.Resistance: $108,800–112,000 – Critical for regaining upward momentum.Market Outlook: Analysts Weigh InMichael van de Poppe, founder of MN Capital, emphasized caution on X:“Bitcoin couldn’t break through the $110,000 area… As long as Bitcoin stays above $106,000, then there's nothing to worry about.”If support holds, BTC could rebound toward its all-time highs near $112K. But a breakdown might trigger a pullback into the bull flag channel, or even deeper toward the $100K mark. Updated price data shows Bitcoin trading at ~$106,958 on Binance, down ~2.1% after hitting resistance and the Fed delaying rate cuts. The upcoming PPI release could be pivotal, but the immediate technical outlook hinges on whether $106K holds as support.