Bitcoin’s price was nearing a key support area of around $100,000 in early September. Crypto market participants pay great attention to this threshold, as it can determine the cryptocurrency’s future.
In the recent past, short-term holders reported that Bitcoin could hit a bottom of about $107,000, while Bitcoin traded above $108,000. The Relative Strength Index (RSI) shows divergences that some analysts view as a sign of a bullish reversal.
When prices drop below $100,000, the momentum may change to a bearish stage, and the bull market may end. Meanwhile, Bitcoin is resisting around $112,000. Breaking this hurdle would enhance the chances of long-term profits. These technical indicators and price points will determine Bitcoin’s trend in the next few weeks.