Bitcoin’s recent momentum appears to be weakening, as analysts warn that the cryptocurrency may revisit its $102,000 range amid a fresh wave of selling — even as gold surges to record highs.
Data from market trackers show Bitcoin trading near $111,000, down roughly 2% at the time of reporting. Earlier in the day, Bitcoin’s downside liquidity was tested, and bulls struggled to push past resistance just under $114,000.
One trader, using the pseudonym Roman, suggested that Bitcoin may yet “fill the wick” down toward the $102,000 low previously seen on Binance — cautioning that any push below that level could invalidate the current setup. He characterized recent price action as leaning toward a failed reversal. If Bitcoin were to drop to $102,000, it would mark nearly a 19% drawdown from recent highs — a retreat that, ironically, would not be unprecedented during the ongoing bull market that began in early 2023.
Still, some voices in the market maintain a bullish longer-term outlook so long as $102,000 holds. Crypto analyst Ted Pillows cautioned that a monthly close below that support would raise serious concern. Meanwhile, Crypto Tony argued that Bitcoin’s daily low around $110,500 should maintain support for now.
What’s more, gold continues to gain strength on macroeconomic hopes. A speech by Jerome Powell, Chair of the U.S. Federal Reserve, fueled speculation of another rate cut in October, pushing gold to fresh all-time highs above $4,200 per ounce. According to analysts, the correlation between Bitcoin and gold has climbed above 0.85, hinting at increasingly synchronized flows into both traditional and digital “safe havens.” Despite this, Bitcoin’s price action has failed to capture broader macro tailwinds to the same degree.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Institutional interest remains alive, with significant inflows into both Bitcoin and Ethereum ETFs — $102.7 million into BTC ETFs and $236.2 million into ETH ETFs reported in one day. Still, questions linger over whether Bitcoin can retain its narrative as “digital gold” as gold continues to post new highs.
Looking ahead, traders are closely watching key support and resistance levels that could determine Bitcoin’s short-term direction. The $110,000–$114,000 range has now become a critical battle zone between buyers and sellers. If the bulls can reclaim momentum and push above $115,000, it could spark a new wave of optimism and open the path back toward the $120,000 mark. However, a failure to hold above $110,000 could trigger another leg down toward $105,000 or even $102,000 — a level that many analysts see as the “line in the sand” for this cycle.
Bitcoin
BTC$111,190 selling increased at Wednesday’s Wall Street open as BTC price metrics showed little signs of a rebound.
BTC/USD vs. XAU/USD one-day chart. Source: Cointelegraph/TradingView
On-chain metrics show that long-term holders remain relatively calm despite the recent turbulence, with most investors still in profit. Exchange inflows remain moderate, suggesting that large-scale panic selling hasn’t yet begun. Meanwhile, whales — large Bitcoin holders — have been quietly accumulating during the dips, a behavior typically seen in consolidation phases before a major price move.
In contrast, gold’s record-breaking rally has reignited debates about Bitcoin’s role as a safe-haven asset. While both assets have historically moved in tandem during periods of macro uncertainty, gold’s consistent climb to new highs has left Bitcoin lagging behind. Analysts believe that a renewed focus on monetary policy and inflation could soon bring investors back to Bitcoin, especially if interest rates begin to drop again in the coming months.
For now, market sentiment remains mixed. Short-term traders are bracing for further volatility, while long-term believers see the recent dip as another opportunity to accumulate before the next major rally. Whether Bitcoin holds its ground or slides toward $102,000 could shape the tone of the crypto market heading into the final quarter of the year.
Source: Cointelegraph Edited by Sonarx