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.

BitcoinBTC( ) sales increased during Wednesday’s Wall Street opening as BTC prices metrics did not show any signs of recovery.

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

The Data of Cointelegraph Markets Pro You can also find out more about the following: TradingView BTC/USD was trading at around $111,000 and down almost 2% as of the writing.

Data from reveals that downside liquidity occurred earlier in the morning, and bulls were still unable reach overhead resistance at $114,000 but below. 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 in an 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 During the current bull run that began early in 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’s fellow trader is also a member of the group. said There is a daily minimum of $105,500 “should hold” For the moment,

Bitcoin’s highs are eclipsed by Gold

Bitcoin failed to benefit from the potential macroeconomic tailwinds forming now for risk assets.

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

Jerome Powell – the chair of the US Federal Reserve – gave a speech on Tuesday. boosted hopes At its meeting in October, the Bank of England will likely announce another rate reduction.

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 information in this article is neither investment advice nor a recommendation. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.