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

Important points

• Bitcoin is at risk of hitting $10,000 again, as the support for higher prices looks weaker.

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

• BTC prices are far behind gold, which has reached a new all-time record.

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 forecasts place $102,000 at the core of their price predictions

Data 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 The events of last week may come into play again.

“Now it’s starting to look like a failed reversal setup,” He wrote a letter in English X post About the 4-hour chart

“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 is a crypto expert 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 now,

Bitcoin’s highs are eclipsed by Gold

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 Another interest rate cut will be made at the October meeting.

Gold reached a new all-time record high of $4,200 an ounce on this day.

“Despite the weekend volatility, the Bitcoin–gold correlation has climbed above 0.85, highlighting synchronized flows between traditional and digital stores of value,” In its “Asia ColorMarket Update 

“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 questions whether Bitcoin will maintain its value “digital gold” Utility moving forward

The article is not intended to provide investment advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making any kind of investment.