Essential highlights:
Bitcoin may approach $102,000 again as the support above appears increasingly fragile.
Current analysis indicates that the bull market could be in jeopardy as a result.
Gold reaches a new all-time high, while BTC price movement lags significantly behind.
Bitcoin (BTC) sales surged at the opening of Wall Street on Wednesday, with BTC price indicators showing minimal signs of recovery.
BTC price projections see $102,000 as crucial
Data from Cointelegraph Markets Pro and TradingView indicated BTC/USD trading around $111,000, with a nearly 2% decline at the time of this report.
Earlier, downside liquidity was triggered, with bulls still unable to push through the resistance just below $114,000, according to data from CoinGlass.
Regarding the current BTC price movement, trader Roman cautioned that the $102,000 lows seen on Binance last week might resurface.
“It’s beginning to resemble a failed reversal pattern,” he noted in an X post about the four-hour chart.
“I’m concerned that we could revisit that wick down to 102k. Any lower would invalidate this setup, but it may already be invalidated. It’s looking like consolidation to fill the wick.”
A dip to $102,000 would reflect a 19% drawdown from Bitcoin’s recent all-time highs—a common occurrence in the ongoing bull market that commenced in early 2023.
“Long-term structure for $BTC still looks positive. As long as the $102,000 level holds, Bitcoin remains in a bull market,” crypto analyst and entrepreneur Ted Pillows remarked.
“If BTC finishes a monthly candle below the $102,000 support level, it would raise concerns.”
Another trader, Crypto Tony, stated that the daily low of $110,500 “should hold” for the time being.
Gold reaching all-time highs while Bitcoin falls behind
Bitcoin failed to take advantage of potential macroeconomic boosts now emerging for risk assets.
Related: Bitcoin indicator reflects ‘euphoria’ as $112.5K BTC price pulls in new investors
During a Tuesday speech, US Federal Reserve Chair Jerome Powell raised expectations of another interest-rate cut at the upcoming October meeting.
This contributed to gold achieving a new all-time high on that day, now exceeding $4,200 per ounce.
“Despite the weekend’s volatility, the Bitcoin–gold correlation has risen above 0.85, indicating synchronized movements between traditional and digital assets,” trading firm QCP Capital mentioned in its latest “Asia Color” market update.
“While gold continues to achieve new highs, Bitcoin briefly noted a new record just before the weekend. With institutional treasuries building positions and robust ETF inflows ($102.7 million into BTC ETFs and $236.2 million into ETH ETFs yesterday), the conditions for a renewed rally may well be forming.”
QCP also questioned whether Bitcoin could sustain its “digital gold” status in the future.
This article does not offer investment advice or recommendations. Every investment and trading decision carries risk, and readers should conduct their own research prior to making a decision.
