Highlights:
Bitcoin may revisit $102,000 as upward support appears increasingly fragile.
Current analysis indicates potential risks for the bull market.
Gold reaches a new all-time high, while BTC’s performance lags considerably.
Bitcoin (BTC) selling surged at the opening of Wall Street on Wednesday, with BTC price indicators showing minimal signs of recovery.
BTC price predictions highlight $102,000 as crucial
Data from Cointelegraph Markets Pro and TradingView indicated BTC/USD trading around $111,000, a decrease of nearly 2% at the time of writing.
Earlier in the day, downside liquidity was breached, with bulls unable to reach the resistance level just under $114,000, as per data from CoinGlass.
Commenting on the current BTC price movements, trader Roman cautioned that $102,000 lows observed on Binance last week may become relevant once more.
“It appears we might be witnessing a failed reversal setup,” he remarked in an X post focused on the four-hour chart.
“I am worried that we could return to fill that wick down to 102k. Any further drop would invalidate this setup, but it may already be invalid.”
A decline to $102,000 would reflect a 19% drop from Bitcoin’s latest all-time high, a pattern not uncommon throughout the ongoing bull market that began in early 2023.
“The long-term structure for $BTC continues to look positive. As long as the $102,000 support level is intact, Bitcoin remains in a bull market,” crypto analyst and entrepreneur Ted Pillows noted.
“If BTC closes below the $102,000 support level on a monthly candle, I would have concerns.”
Another trader, Crypto Tony, also mentioned that the daily low of $110,500 “should hold” for the time being.
Gold reaches all-time highs while Bitcoin lags
Bitcoin has struggled to leverage potential macroeconomic support currently benefiting risk assets.
Related: Bitcoin metric indicates ‘euphoria’ as $112.5K BTC price attracts new buyers
In a speech on Tuesday, Jerome Powell, Chair of the U.S. Federal Reserve, raised optimism for another interest-rate cut during the October meeting.
This announcement led to gold achieving a fresh all-time high, now exceeding $4,200 per ounce.
“Despite the volatility over the weekend, the Bitcoin–gold correlation has risen above 0.85, indicating aligned flows between traditional and digital value storages,” noted trading firm QCP Capital in its latest “Asia Color” market update.
“While gold is consistently achieving new highs, Bitcoin reached a new record just prior to the weekend. With institutional treasuries boosting positions and ETF inflows remaining strong ($102.7 million into BTC ETFs and $236.2 million into ETH ETFs yesterday), a new rally setup may already be developing.”
QCP remains curious about whether Bitcoin can sustain its status as “digital gold” moving forward.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making decisions.
