Bitcoin (BTC) is back above $100,000 on Thursday, November 6, although the flagship digital asset is still trading way below its record highs seen approximately one month ago.
Still down around 5% this week and trading at $101,970 at the time of writing, the “digital gold” briefly slipped below $100,000 on November 5 for the first time since June, following the broader crypto market, which recorded nearly $1 trillion in monthly losses on the same day.
The fall beneath such an important psychological threshold further emphasized the stark reversal from the early “Uptober” euphoria, when Bitcoin soared to a record $126,251 amid heavy leveraged buying.
As a result, traders are left wondering whether the flagship currency might crash again in the next few days, their anxiety fueled by a number of bearish developments, such as Galaxy Digital’s reduction of its year-end Bitcoin target to $120,000 from $185,000.
Bitcoin warning signs
The $102,000 level has served as a key support line since early 2023, and the failure to reclaim it could lead to a much larger correction.
Bitcoin has also failed to reclaim its 20-, 50-, and 100-day exponential moving averages (EMAs), ranging between $108,000 and $112,000, while the 200-day EMA at $108,705 remains a firm ceiling.
Momentum indicators are also bearish. The relative strength index (RSI) stands at 37.85, showing oversold conditions and no bullish divergence, while the moving average convergence divergence (MACD) histogram at -660 confirms downward pressure.
Accordingly, a sustained close below $98,000 could trigger further liquidations toward $92,000, lows not seen since the spring.
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