Bitcoin is once again facing downward pressure, with analysts warning that the price could fall below $100,000 soon. The Relative Strength Index (RSI), a key technical indicator, is dropping closer to new lows, suggesting Bitcoin could be in for more losses in the days ahead.

As of June 6, Bitcoin (BTC) was trading around $103,000, recovering slightly from a recent dip to $100,500. The modest rebound came ahead of fresh volatility expected from the release of U.S. labor market data.

Market Uncertainty Weighs on Bitcoin

Recent political drama in the U.S. has added to the uncertainty. A public spat between former President Donald Trump and tech billionaire Elon Musk sparked concern among investors, leading to over $300 million in crypto liquidations. Although Bitcoin has managed to hold above $100,000, traders believe the damage may not be over yet.

Crypto trader Roman shared a bearish outlook, stating, “The BTC breakdown has begun,” while pointing to $95,000 as the next likely support level — or potentially even lower, depending on how the market consolidates.

Another trader, Friedrich, echoed a similar view, predicting that Bitcoin might retest $105,000 before dropping as low as $87,000. However, he added that reclaiming the $105.8K to $106K range could reopen the path to a new all-time high.

RSI Suggests Bitcoin Weakness May Continue

The Relative Strength Index (RSI) is a tool that helps traders understand whether an asset is overbought or oversold. Right now, the daily RSI for Bitcoin is trending downward, suggesting that the market is still weak.

Kevin Svenson, a market commentator, noted, “The daily RSI is still pointing downward, but we may be a week away from a potential reversal signal.” This means traders are closely watching the RSI for signs that Bitcoin could stabilize or bounce back.

As it stands, the falling RSI indicates that there may be more downside in the short term, even though some are hopeful for a turnaround.

U.S. Jobs Data Could Trigger New Moves

Looking beyond charts and indicators, traders are also preparing for economic data from the U.S. that could influence Bitcoin’s next move. The nonfarm payrolls report and unemployment data are due on June 6 and could cause major swings in crypto and stock markets.

Keith Alan, co-founder of trading platform Material Indicators, said the reports are “likely going to be catalysts for volatility.” If the data shows rising unemployment, it might push the U.S. Federal Reserve to consider lowering interest rates sooner, which could be good for risk assets like Bitcoin.

Still, Alan hasn’t ruled out the possibility of Bitcoin dropping to as low as $93,000 in the near term.

What Comes Next for Bitcoin?

While some traders remain hopeful that Bitcoin could recover and climb back toward its all-time high, the current indicators suggest a more cautious outlook. With the RSI still weak and outside factors like U.S. economic policy adding uncertainty, Bitcoin may continue to trade under pressure.

Short-term price predictions now include targets as low as $87,000 to $95,000, with the key level to watch being $105,800. If Bitcoin can stay above that level and attract new buyers, a rebound might be possible. But if it loses that support, the decline could continue.

For now, all eyes are on the RSI and the upcoming U.S. jobs data to guide the next big move.