Analysis: Bitcoin bear flag signals potential drop to $97K

Bitcoin (BTC) may be headed toward $97,000 as it develops a classic bear flag pattern, often seen as a signal of continued downside, according to Cointelegraph. BTC is currently trading within a rising channel on the four-hour chart after falling to around $103,100 on May 31—a typical formation associated with bearish continuation. A drop below $104,800 would validate the pattern, with a measured target near $97,690. The relative strength index (RSI), sitting at 44, also points to prevailing bearish momentum. Crypto analyst Daan Crypto Trades noted that if BTC surpasses $108,000, it could challenge its previous peak of $111,900, although significant resistance is expected near that level. Conversely, losing the $99,600 support zone might send prices down to the 200-day simple moving average (SMA) around $97,600. He added that there's no clear trend for now and stressed the need to remain adaptable in such uncertain market conditions.