News View Non-AMP

Can Bitcoin Price Rise Above $99k Today? Indicators Turn Green Despite Pullback Below $96k

Published by
Anjali Belgaumkar

Bitcoin is currently down by more than one percent and is trading slightly above the $98k mark. After hitting an ATH of $98655, the cryptocurrency hit reverse and even dipped below the $96k mark. 

However, analyst Josh of Crypto World said that the weekly Bitcoin chart shows strong momentum, with the MACD indicating a bullish trend. The Super Trend indicator on the 4-day chart is also green, suggesting continued bullishness. While short-term pullbacks are normal, the long-term outlook remains positive.

Short-Term Price Action: Pullbacks & Support Levels

Despite the bullish outlook, BTC is seeing a short-term pullback. The price of Bitcoin is showing signs of losing momentum, especially around the critical $100,000 level, which acts as a psychological resistance. Pullbacks are expected at levels around $94,000 to $95,000, with further support at $89,000 if the price drops lower.

Bearish Divergence: Historical Parallels

Bitcoin is experiencing a short-term bearish divergence, similar to the price action seen in 2020 before a major breakout above $20,000. Just as the price struggled under that psychological level, the price may see a temporary pullback below $100,000 before eventually breaking through. The current situation shows a similar pattern with a higher price and lower (Relative strength index) RSI, hinting at a loss of short-term momentum.

Bitcoin’s Pullbacks: Historical Context

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

Liquidity and Short Squeeze Potential

Currently, liquidity is building above the $100,000 level, which could trigger a short squeeze if Bitcoin breaks through that level. This would force many short positions to liquidate, driving the price even higher. Downside liquidity is more limited, but we still have support at around $94,000, with further support levels around $91,000.

FAQs

What is the Bitcoin price prediction for this month?

With a potential surge, the Bitcoin (BTC) price may close the month with a high of $100,000.

How much will $1 Bitcoin be worth in 2030?

In 2030, the price of 1 Bitcoin could reach a height of $347,783.

How much is Bitcoin today?

At the time of writing, 1 Bitcoin value was $98,211.45.

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

Recent Posts

Robinhood Tops Wall Street’s Q1 Earnings Estimates: Crypto Revenue Surged 100% YoY

Robinhood reported a revenue of $927 million in Q1 2025, up 50% YoY. The firm…

May 1, 2025

Worldcoin Price Forecast: Can WLD Price Regain $2 In April?

Coinbase announced plans to list WLD coins on the Optimism network soon. WLD price has…

May 1, 2025

Breaking: Circle Rejected Ripple Takeover Bid of $4-5B

Circle ostensibly turned down the offer since it was too low based on its market…

May 1, 2025

Bitcoin Price Analysis: Sucker’s Rally or Major Boom Ahead?

U.S. President Donald Trump has signaled to more pain ahead before the ultimate anticipated market…

May 1, 2025

Meta Earth Shines at Token2049: 2025’s Blockchain Unicorn with 300+ KOLs and Leading Media Spotlight

Meta Earth Unveils ME Network v2.0 at TOKEN2049 Dubai—A Modular Blockchain Revolution Begins From April…

April 30, 2025

Litecoin, Solana, XRP Among Top Crypto ETFs Set for 2025 Approval

In a recent update, Bloomberg’s Senior ETF Analyst Eric Balchunas shared fresh updates on the…

April 30, 2025