Today's Bitcoin prices show signs of a recovery of nearly $102,800 after falling below the key $102,000 zone during the US session on June 6th. Market volatility persists and traders are closely watching whether rebounds have enough power to negate recent pullbacks.
What will happen to Bitcoin prices?
BTC price dynamics (Source: TradingView)
After a sharp drop above $107,000 from its June high, Bitcoin Price found support near the $97,663 0.382 Fibonacci level before turning it high. On the four-hour chart, BTC did a quick recovery after tagging the lower Bollinger band for $102,007. The price is currently just above $102,800, and is about to collect the 20-EMA cluster at around $104,180.
BTC price dynamics (Source: TradingView)
Previous sub-cluster breakdowns triggered a cascade stop, pulling Bitcoin price action into a massive demand zone of nearly $101,500-102,000. Despite a quick daytime bounce, bearish momentum still remains in the form of a high $104,800 and a visible supply.
The indicator shows mixed momentum as the Bulls attempt to rebound
BTC price dynamics (Source: TradingView)
The 30-minute chart reveals the classic V-shaped recovery, lifting RSI from nearly 25 sales levels to near 54 neutral zones. MACD has seen the crossover and green histogram bar building for the first time since sales began.
BTC price dynamics (Source: TradingView)
Stochastic RSIs are currently in over-acquired zones of over 95, and could indicate a temporary suspension or minor retracement. On the other hand, one of the two in the same time frame indicates that the BTC is about to reenter the spider. Tenkansen and Kijunsen are giving a bullish twist.
In the daily time frame, Bitcoin price updates show that BTC is defending the psychological level of $100,000, but below the key resistance at $103,200-$104,800. Price Action continues to print low highs, suggesting a cautious outlook in the short term.
The resistance zone rises but support is retained for now
BTC price dynamics (Source: TradingView)
From a structural perspective, BTC is sandwiched between the layered zones. The immediate reverse resistance is:
- $104,800 – Resistance level converted to previous support
- $106,670 – Trend Line Caps and FIB Confluence
- $107,370 – Upper Bollinger Band and Supply Peak from June 2nd
The main drawback support is marked as follows:
- $102,000 – Regeneration zone backed by short-term EMA alignment
- $100,500 – Catching important psychological thresholds and trendlines
- $97,660 – 0.382 FIB level from March and May meetings
Bitcoin price fluctuations may rise during US market hours until BTC breaks down to $107,000 or below $100,000, and consolidates between these zones.
Why is Bitcoin price rising?
BTC price dynamics (Source: TradingView)
Today, Bitcoin prices are rising due to a combination of technical and emotionally driven factors. The reversal of RSI and MACD in the lower time frame has led to an algo-based purchase, with the $102,000 support zone continuing to attract attention in demand. Additionally, stocks opened companies and supported a wider range of risk-on sentiment, which benefited crypto assets.
Short-term outlook and final thoughts
BTC price dynamics (Source: TradingView)
In the short term, Bitcoin's price action is cautiously bullish, but unless the Bulls are able to support $104,800, the recovery remains vulnerable. Until then, traders will need to monitor continuous chops within the $100,000 to $107,000 range, with potential daytime spikes driven by economic data or ETF flow news.
Technical forecast overview:
Disclaimer: The information contained in this article is for information and educational purposes only. This article does not constitute any kind of financial advice or advice. Coin Edition is not liable for any losses that arise as a result of your use of the content, products or services mentioned. We encourage readers to take caution before taking any actions related to the company.
