Bitcoin Price Prediction: Can BTC Reclaim the $103K Level After Sharp Rebound?

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.