Bitcoin (BTC) has climbed back above the $100,000 mark as of Thursday, November 6, although it remains significantly below the record highs reached about a month ago. Currently trading at around $101,970, Bitcoin is still down approximately 5% for the week.
On November 5, the flagship digital asset briefly dipped below $100,000 for the first time since June. This drop followed a broader downturn in the cryptocurrency market, which experienced nearly $1 trillion in monthly losses on the same day. The fall beneath this key psychological threshold highlighted a sharp reversal from the early “Uptober” euphoria, when Bitcoin surged to a record $126,251 amid heavy leveraged buying.
This recent volatility has left traders anxious about the possibility of another crash in the near future. Bearish sentiment has been amplified by several negative developments, including Galaxy Digital’s decision to reduce its year-end Bitcoin target from $185,000 to $120,000.
### Bitcoin Warning Signs
The $102,000 level has acted as a crucial support line since early 2023, and failure to reclaim this level could pave the way for a more significant correction. Bitcoin has also struggled to surpass its 20-, 50-, and 100-day exponential moving averages (EMAs), which currently range between $108,000 and $112,000. Meanwhile, the 200-day EMA at $108,705 remains a strong resistance point.
Momentum indicators paint a bearish picture as well. The relative strength index (RSI) stands at 37.85, indicating oversold conditions without any bullish divergence. Additionally, the moving average convergence divergence (MACD) histogram shows a value of -660, confirming continued downward pressure.
If Bitcoin closes below $98,000 for a sustained period, it could trigger further liquidations and push prices down toward the $92,000 level — lows not seen since spring. Traders will be closely watching these critical levels in the coming days to gauge the next direction for the market.
https://bitcoinethereumnews.com/bitcoin/will-bitcoin-crash-below-100k-again-this-week/
