Bitcoin Bulls Consider $100,000 Support Critical
Bitcoin bulls may have to say farewell to the entire bull market if the $100,000 support level fails, according to a new prediction.
- BTC price action encounters a clash of RSI signals as bullish and bearish divergences vie for dominance.
- Some traders view the opportunity to buy the dip just above the $100,000 threshold.
According to recent insights, Bitcoin (BTC) will conclude its bull market if the $100,000 support is lost.
In his latest analysis shared on X, well-known trader Roman warned that if Bitcoin prices drop below the six-figure mark, the bull cycle would also come to an end.
Bitcoin has shifted market sentiment once again with its recent decline, which at one point saw BTC/USD decrease by 15% from its all-time peak above $125,000.
Price targets for BTC have been adjusted accordingly, with Roman among those anticipating a retest of levels closer to $100,000 and perhaps even lower.
However, if the bulls cannot maintain this psychologically significant area, the outlook could become considerably more negative.
“Definitely looks ugly as we’ve lost our uptrend and 112k support,” he summarized next to the daily BTC/USDT chart.
Roman continued, noting that across higher timeframes, Bitcoin is “still showing lots of exhaustion,” referencing earlier posts from August.
These updates highlighted phenomena such as low trading volume at the peaks and a bearish divergence indicated by the relative strength index (RSI).
As reported by Cointelegraph this week, four-hour timeframes are beginning to reveal a new bullish divergence on the RSI, often serving as an early signal of a returning uptrend.
Data from Cointelegraph Markets Pro and TradingView confirmed that the bullish divergence was still in play at the time of this writing on Sunday.
Some market participants maintained optimism for a broader recovery in the crypto market based on the current setup.
“If this level holds, a new ATH in the next 4–6 weeks is on the table,” trader ZYN shared with his X followers in a post highlighting a weekly RSI bullish divergence.
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Others viewed the area around $100,000 as a preferable entry point rather than a signal to reduce exposure.
“It’s quite clear that we’re, in the short term, not in an uptrend on Bitcoin,” acknowledged crypto trader, analyst, and entrepreneur Michaël van de Poppe on the day.
At the time of writing, BTC/USD was down roughly 6.5% for August, yet still performing better than the previous four years, according to data from CoinGlass.
This article does not constitute investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making decisions.
