Coinotag analysts suggest bitcoin could potentially fall to $100,000

Cryptocurrency market experts are closely monitoring bitcoin (BTC) price dynamics ahead of the weekly market close, Coinotag reports. According to fresh data from Cointelegraph Markets Pro, the BTCUSD currency pair is approaching the $105,000 threshold set earlier in the period. However, analysts do not rule out the possibility of a decline to $100,000 if the current negative momentum persists. Investors also anticipate the formation of new lows for the token.

Throughout this week, bitcoin has exhibited a steady decline, pushing its value toward critical support levels established within the current market cycle. In addition to analyzing the current situation, traders are concerned about the intensifying bearish divergence in Relative Strength Index (RSI) readings.

Coinotag analyst Matthew Hyland emphasized the critical importance of this week’s market close for overall investor sentiment. He also highlighted the risks associated with the observed RSI divergence, noting that the indicator’s current trajectory could hinder further upside potential for the cryptocurrency’s price.