The Bitcoin price today is trading around $101,530 after recovering sharply from a deep selloff that sent the asset below the $99,000 mark.
BTC price dynamics (Source: TradingView)
This bounce aligns with the lower boundary of a multi-month ascending channel, reinforcing the technical importance of the $99,250–$100,000 region as a strong macro support. However, the price is now approaching dense EMA resistance zones near $102,800–$104,500, raising questions about the sustainability of this rebound.
What’s Happening With Bitcoin’s Price?
BTC price dynamics (Source: TradingView)
BTC staged a strong intraday rally from a low of $98,600 back to above $101,000, printing a bullish engulfing structure on the 4-hour chart. This move occurred just as Bitcoin touched the lower Bollinger Band and the channel support on the daily timeframe.
BTC price dynamics (Source: TradingView)
Price is currently facing resistance at the 20 and 50 EMAs clustered between $102,376 and $103,861. The 100 EMA near $104,773 marks the next upside ceiling, with the Supertrend line still flashing red at $103,712. Unless BTC closes above this cluster, bullish continuation remains uncertain.
BTC price dynamics (Source: TradingView)
The RSI on the 30-minute chart has climbed back to 60.5, suggesting short-term strength, while the MACD has flipped bullish with strong upward momentum. These indicators hint at Bitcoin price volatility expanding in favor of bulls — but only if volume confirms.
Why Bitcoin Price Going Up Today?
BTC price dynamics (Source: TradingView)
The sharp BTC rebound appears to be fueled by short-term oversold conditions and technical support near the $99K mark. The MACD histogram flipped positive for the first time since June 20, and RSI reclaimed the 50 threshold.
BTC Net Inflows/Outflow data
Notably, despite the bounce, on-chain flows remain heavily bearish. According to the latest data, Bitcoin netflow on June 22 stood at -618.10 million, suggesting persistent selling pressure across spot exchanges.
BTC price dynamics (Source: TradingView)
The divergence between price and netflow signals that this recovery may be more technical than fundamental — a short squeeze or relief rally rather than sustained buying interest. Unless bulls reclaim the $104K level decisively, the Bitcoin price action may remain trapped within a corrective structure.
Bitcoin Price Short-Term Outlook: BTC Faces Resistance Near $103K
Looking ahead, Bitcoin’s next critical zone lies at $102,800–$104,000. This area contains overlapping resistance from the 20/50/100 EMAs and mid-Bollinger line. A breakout above this band could pave the way toward $106,400 and potentially $108,250.
BTC price dynamics (Source: TradingView)
On the downside, immediate support rests at $100,800 (VWAP) and $99,250 (daily channel base). A break below $99,000 would resume the broader downtrend, opening the door for a drop toward $94,350 and the 0.5 Fibonacci retracement zone.
For now, traders should monitor price behavior near $103,800–$104,500. A clean close above this level could shift momentum back in favor of the bulls.
Bitcoin Price Forecast Table: June 24, 2025
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