Highlights:
Bitcoin may revisit $102,000 as higher support levels appear increasingly fragile.
Current analysis indicates potential risks to the bull market.
Gold reached a new all-time high, leaving BTC’s performance lagging.
Bitcoin (BTC) saw a rise in selling activity following the Wednesday opening of Wall Street, 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 around $111,000, experiencing a nearly 2% decline at the time of writing.
Earlier in the day, downside liquidity was addressed, but bulls struggled to break the overhead resistance just below $114,000, based on information from CoinGlass.
Trader Roman expressed concerns about the possibility of revisiting the $102,000 lows observed on Binance last week.
“The signs point to a failed reversal setup,” he noted in an X post discussing the four-hour chart.
“I worry we might retrace all the way to 102k. If it drops lower, this setup becomes invalid, but it seems it already has. It appears to be consolidation to fill the wick.”
A drop to $102,000 would signify a 19% decline from Bitcoin’s recent all-time highs, a typical occurrence in the current bull market that began in early 2023.
“Long-term BTC structure remains promising. As long as the $102,000 support holds, Bitcoin is poised for a bull run,” emphasized crypto analyst and entrepreneur Ted Pillows added.
“A monthly candle close below the $102,000 support would raise concerns.”
Trader Crypto Tony also mentioned that the daily low of $110,500 “should remain intact” for the moment.
Gold’s new highs overshadow Bitcoin
Bitcoin has struggled to leverage potential macroeconomic trends currently emerging for risk assets.
Related: Bitcoin signals ‘euphoria’ as $112.5K BTC value attracts new buyers
During a Tuesday address, Jerome Powell, Chair of the US Federal Reserve, heightened expectations for another interest-rate cut in the upcoming October meeting.
This sentiment propelled gold to reach a new all-time high, now exceeding $4,200 per ounce.
“Despite weekend fluctuations, the Bitcoin-gold correlation has risen above 0.85, indicating concurrent movements between traditional and digital assets,” said trading firm QCP Capital in their recent “Asia Color” market update.
“While gold continues to reach new heights, Bitcoin briefly hit a new record just before the weekend. With institutional treasuries increasing their positions and ETF inflows remaining substantial ($102.7 million into BTC ETFs and $236.2 million into ETH ETFs yesterday), a catalyst for a renewed rally may already be in the works.”
QCP continued to question whether Bitcoin could sustain its status as “digital gold” moving forward.
This article is not intended as investment advice or recommendations. Every investment and trading decision carries risk, and readers should perform their own research before making any choices.
