Key Points:
Bitcoin (BTC) rises in sync with gold, approaching $112,000, while gold hits a new all-time high.
Commentators point out that the price trend of Bitcoin (BTC) has not yet confirmed a reversal, and the risk of falling to $100,000 still exists.
Seasonal factors in September typically lead to a decline in the third week of the month.
Bitcoin (BTC) rose alongside gold when Wall Street opened on Tuesday, with bulls driving short liquidity.
According to data from Cointelegraph Markets Pro and TradingView, BTC/USD reached a new September high of $111,775 on the Bitstamp platform.
The daily increase was nearly 2%, with Bitcoin (BTC) rising alongside gold, which broke through the historical high of $3,500 per ounce. This increase began after the release of U.S. macroeconomic data on Friday.
According to CoinGlass, as of the time of writing, the amount of liquidated short positions in cryptocurrencies over the past four hours was approximately $60 million.
In response, cryptocurrency market commentators are in a "wait-and-see" mode.
Keith Alan, co-founder of Material Indicators, uploaded a chart of one of his proprietary trading tools on X, emphasizing the importance of the 21-day simple moving average (SMA).
"Strong technical resistance is at the confluence of the 100-day SMA and the trend line," he wrote in an accompanying comment.
Cryptocurrency expert Marcus Corvinus described a "critical moment" for Bitcoin's price strength.
"The price has been in an uptrend, but is now at the bottom of the channel," he told his followers on X in a post.
Corvinus stated that the next daily candlestick will determine whether a reversal will occur, while well-known trader Roman denied that a reversal has taken place.
He concluded, adding, "There are currently no signs of a reversal; we have lost the $112,000 support level and are turning it into new resistance. I see no reason we won't touch the $100,000 support in the coming days."
Cointelegraph previously reported that Roman stated over the weekend that falling below $100,000 would end the current bull market.
Looking back at historical performance in September, network economist Timothy Peterson did not bring good news for Bitcoin (BTC) supporters.
He noted that September has historically been a poor month for Bitcoin (BTC)/USD, averaging a loss of 3.5% since 2013.
"The monthly average can be misleading. Volatility is very high," Peterson said.
Related: Gemini files S-1 application for IPO, plans to issue 16.7 million shares of GEMI stock on Nasdaq
Original article: “Bitcoin (BTC) Bulls Charge at $112,000, Gold Hits Fresh All-Time Highs”
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