BTC Price- Bitcoin Bears Take Control as Price Tests Key Support
BTC Price– Bitcoin held above the key $100,000 mark during the June 5 daily close, according to data from Cointelegraph Markets Pro and TradingView. However, behind the scenes, market sentiment was shifting as a heated exchange between U.S. President Donald Trump and Elon Musk triggered over $300 million in crypto liquidations.
Despite BTC/USD rebounding from $100,500, analysts and traders voiced concerns over deeper corrections.
Traders See Bearish Momentum Building
Trader Roman declared that Bitcoin’s breakdown had officially started, stating on X:
The $BTC breakdown has begun!
Fellow trader Friedrich echoed this caution, describing the recent move as “annoying,” and outlining two possible scenarios:
Expect a retest around 105Ks and bleed toward 87K. Or a reclaim above 105.8K–106K and the journey toward a new ATH begins.
Even bullish analysts highlighted weakening momentum. Commentator Kevin Svenson pointed to a declining daily RSI (Relative Strength Index) as a warning signal:
“Right now, the daily RSI is still pointing downward, but we may be a week away from a potential reversal signal.”
Macroeconomic Data in Focus
Attention is now turning to U.S. macro data, with nonfarm payrolls and unemployment reports expected to stir further volatility. Keith Alan, co-founder of Material Indicators, commented:
The morning NFP & Unemployment reports are likely going to be catalysts for volatility.
Alan noted that any rise in unemployment could push the Federal Reserve to loosen monetary policy sooner than expected:
Anything bigger than a 0.1% bump in the unemployment rate could turn up the heat on the FED to cut in Q3.
He added that a return to $93,000 for Bitcoin remained a possible downside target.
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