Can Bitcoin price rise above $99k today? Indicators will be green even below $96k

Bitcoin is currently down over one percent and is trading just above the $98k mark. After hitting $98655 ATH, the cryptocurrency hit a reversal and even dipped below the $96k mark.

However, according to Crypto World analyst Josh, the weekly Bitcoin chart shows a strong recovery, with the MACD showing a bullish trend. The supertrend indicator on the 4-day chart is green, indicating continued bullishness. While short-term reversals are common, the long-term outlook remains positive.

Short-term price action: reversals and support levels

Despite the bearish outlook, BTC is seeing a short-term comeback. Bitcoin price is showing signs of decline, especially around the critical $100,000 level, which acts as psychological resistance. Retracements are expected around $94,000 to $95,000, with additional support at $89,000 if the price is low.

Bear diversity: historical parallels

Bitcoin is experiencing a short-term bearish divergence similar to the price action seen before the major crash above $20,000 in 2020. As the price struggles at that psychological level, the price may see a temporary retracement below $100,000 before breaking through. The current situation shows the same pattern with a high price and a low RSI, which indicates a short-term loss of momentum.

The Bitcoin Pullback: Historical Context

It's important to note that Bitcoin pullbacks are often bearable even in bull markets. The current 3-4% pullback is small compared to past corrections, such as a 16-17% pullback in 2020.

Fluid and short compression potential

Currently, liquidity is building above the $100,000 level, which could trigger a short squeeze if Bitcoin crosses that level. This forces them to release more short positions, which makes the price even higher. Lower liquidity is more limited, but we still have support around $94,000. There are additional support levels around $91,000.