Bitcoin falls below $111,000 while Gold hits all-time records

Important points

• Bitcoin could hit $102,000 once again as higher support looks more and more weak.

• The bull market is at risk, according to an analysis.

• BTC’s price is far behind the gold.

BitcoinBTCThe number of BTCs sold increased on Wednesday at the Wall Street Open as BTC’s price metrics were not showing any sign of improvement.

BTC Price Forecasts: $102,000 is the pivotal price

Data derived from Cointelegraph Markets Pro The following are some examples of how to get started: TradingView BTC/USD was trading at around $111,000 and down almost 2% as of the writing.

According to data from CoinGlass.

Roman, a trader who has been following the current BTC market price actions, warns that $102,000 lows seen on Binance Last week’s results could be re-used.

“Now it’s starting to look like a failed reversal setup,” The writer wrote a letter in English. X post The four-hour clock.

“Again I have fears that we fill that wick all the way down to 102k. Any lower and this setup invalidates but likely already has. Looking like consolidation to fill the wick.”

A drop to $102,000 would represent a 19% drawdown from Bitcoin’s latest all-time highs — something commonplace The current bull market began at the beginning of 2023.

“$BTC long-term structure is still looking good. As long as the $102,000 level holds, Bitcoin will be in a bull run,” Ted Pillows, crypto analyst and entrepreneur added.

“If BTC closes a monthly candle below the $102,000 support level, I would be concerned.”

Crypto Tony is a fellow trader. said The daily low is $110,500 “should hold” For the moment,

Bitcoin is left behind by gold’s all-time highest levels

Bitcoin has failed to take advantage of the macroeconomic tailwinds that are now developing for risky assets.

Related: Bitcoin metric shows ‘euphoria’ as $112.5K BTC price squeezes new buyers

Jerome Powell, the Chair of US Federal Reserve spoke on Tuesday. boosted hopes At its meeting in October, the Bank of England will likely announce another rate reduction.

The gold price has now reached an all-time highest level of over $4200 per ounce.

“Despite the weekend volatility, the Bitcoin–gold correlation has climbed above 0.85, highlighting synchronized flows between traditional and digital stores of value,” The latest newsletter from QCP Capital, a trading company, is entitled “Asia ColorThe latest market report 

“While gold continues to post fresh highs, Bitcoin briefly touched a new record just before the weekend. With institutional treasuries accumulating positions and ETF inflows remaining robust ($102.7 million into BTC ETFs and $236.2 million into ETH ETFs yesterday), the setup for a renewed rally may already be forming.”

QCP is still unsure whether Bitcoin can maintain its current value “digital gold” Utility moving forward

This article contains no investment recommendations or advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.