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. BTC weekly price. Source: Finbold 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. Featured image via Shutterstock The post Will Bitcoin crash below $100k again this week? appeared first on Finbold .
