Bitcoin has managed to hold steady at $107,000 as the weekend approaches, yet there’s an increasing concern about its price potentially falling below the significant $100,000 mark. The market appears tense, despite some favorable signals from the Relative Strength Index (RSI).
Key Insights:
- Bitcoin stabilizes into the weekend, but the market sentiment is anything but relaxed.
- Price predictions lean towards levels lower than $100,000.
- The RSI remains bullish, suggesting the potential for a rebound should stock markets improve next week.
As it stands, Bitcoin is hovering around $107,000 while traders brace for new lows. BTC/USD has recently experienced its lowest prices in months, raising expectations for an even greater decline due to weak buying interest and a stable macroeconomic environment.
“It all lines up nicely across the board for another wave down,” noted trader Crypto Tony in a recent social media post. Translation: “I see Bitcoin dropping to $95,000, possibly testing the $91,000 region before finding a bottom.”
Crypto Tony has framed even the prospect of dropping below $100,000 as a bullish scenario, coinciding with more favorable conditions ahead. Another trader, Daan Crypto Trades, suggests calm market conditions could last until the weekly candle close, with Bitcoin potentially remaining around $107K during the weekend.
Recent news indicates that U.S. President Donald Trump does not expect prolonged tariffs on China, which has helped support equity markets and created some stability amidst heightened investor anxiety. Meanwhile, the S&P 500 concluded at 6,664, recovering significantly from losses seen the week prior.
Can the RSI Bring Bitcoin Back?
While market sentiment remains firmly in the bearish camp, the RSI may indeed provide an avenue for Bitcoin’s resurgence. Cointelegraph has featured reports highlighting the current RSI levels, which have dropped to their lowest since April, suggesting a potential bottoming out for Bitcoin.
The Crypto Fear & Greed Index also recorded an extreme fear reading of 22/100 recently, marking a noteworthy shift in market sentiment as it fell into extreme fear for the first time since April. This article does not constitute investment advice, and it’s crucial for readers to conduct their own research before making investment decisions.
