Bitcoin Price Outlook: RSI Dips Hint at Sub-$100K as Market Braces for More Volatility

Bitcoin (BTC) hovers above $103K, but analysts warn of potential downside below $100,000 as momentum indicators turn bearish and macroeconomic data looms.

Bitcoin's price trajectory is once again under pressure as technical and fundamental signals align for a potential deeper correction. As of June 6, BTC continues to trade around the $103,000 level, staging a modest recovery after dipping to $100,500 in the previous session. However, experts believe the downside risk is far from over.

RSI Signals Weakened Momentum

One of the most concerning signs comes from Bitcoin’s Relative Strength Index (RSI), which is trending lower on the daily chart. Technical analyst Kevin Svenson pointed out that although no definitive reversal has been confirmed, the structure of the RSI suggests a continuation of bearish momentum for at least another week.

BTC/USD 1-hour chart. Source: TradingView

“The daily RSI is still heading downward,” Svenson explained. “We could be about a week away from seeing any signs of a reversal.”

A weakening RSI typically indicates slowing buying pressure, often preceding a further drop in price.

Read More Blog: Strategy Ends May With $75M Bitcoin Buy as Price Drops to $103K

Price Breakdown: Analysts Eye Sub-$100K Targets

Crypto traders and market analysts are now recalibrating their expectations. Notably, trader Roman declared that a “breakdown has begun,” citing numerous bearish indicators on high-time frame charts.

“Bitcoin’s move down is just getting started,” Roman said. “I’m watching $95K as the next key level — and if momentum continues, even lower prices are possible.”

Fellow trader Friedrich echoed this sentiment, noting that the market could either retest the $105K range or bleed further down to $87K if the bearish trend persists. He added, “Unless Bitcoin reclaims the $105.8K–$106K zone, the path to a new all-time high is unlikely in the short term.”

BTC/USD 1-day chart. Source: Friedrich/X

Trump–Musk Clash Adds to Crypto Market Uncertainty

Volatility spiked earlier this week following a public spat between former U.S. President Donald Trump and Tesla/SpaceX CEO Elon Musk. The feud reportedly led to over $300 million in crypto liquidations, amplifying existing market concerns.

While Bitcoin managed to hold the psychological $100K support level during the chaos, the incident underscored how fragile investor sentiment remains in the current environment.

BTC/USD 1-day chart with RSI data. Source: Kevin Svenson

Upcoming NFP Data Could Be a Catalyst

Looking ahead, the market’s focus is shifting to macroeconomic events, particularly the release of the U.S. nonfarm payrolls (NFP) data and unemployment figures scheduled for June 6. These reports are expected to inject fresh volatility into both traditional and crypto markets.

Keith Alan, co-founder of Material Indicators, emphasized the importance of these upcoming numbers.

“The NFP and unemployment reports will be key drivers of short-term volatility,” Alan said. “If unemployment ticks up, it could pressure the Federal Reserve to ease monetary policy sooner — potentially benefiting risk assets like Bitcoin.”

Still, Alan hasn’t ruled out further downside, mentioning that BTC could drop as low as $93,000 depending on how macroeconomic conditions evolve.

Summary: What’s Next for Bitcoin?

While Bitcoin continues to find support above $100K for now, the combination of weakening RSI, geopolitical drama, and upcoming economic data paints a cautious picture for traders. Analysts are closely watching the $105K and $95K zones as crucial levels for determining BTC’s next move.

BTC/USD 1-day chart. Source: Keith Alan/X

Key Takeaways:

• Bitcoin trades at around $103,620, recovering from recent lows.

• Technical indicators, especially RSI, suggest more downside could be ahead.

• Analysts predict possible drops to $95K or even $87K, barring a strong price rebound.

• A Trump-Musk feud triggered over $300 million in liquidations, rattling crypto markets.

• Upcoming U.S. labor data (NFP, unemployment) may influence Bitcoin’s direction and broader market sentiment.

Stay tuned as the market digests macro data and traders navigate a crucial period for BTC price action.