Key Points:
With the turmoil in the U.S. banking sector resurfacing, Bitcoin has fallen to its lowest point since June.
Traders believe the $100,000 support level may be breached.
After reaching a new high, gold has retreated, and Peter Schiff believes gold is likely to lead Bitcoin to reach $1 million first.
Bitcoin (BTC) dropped to a 15-week low on Friday, as the turmoil in the U.S. banking sector intensified pressure on Bitcoin's price.
Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin has fallen below $106,000 for the first time since June.
The cryptocurrency market has reacted strongly to concerns about U.S. regional bank stocks, which have declined in a manner similar to March 2023. At that time, Bitcoin and altcoins experienced a flash crash, followed by a strong rebound, with BTC/USD briefly falling below $20,000.
According to trading resource The Kobeissi Letter, in a related post on X platform, regional bank stocks plummeted in March 2023, and while the crisis was "contained," the underlying situation did not change.
Some traders warn that the critical support level of $100,000 for Bitcoin may be retested, with a risk of breaching it.
If $BTC loses this support, we are going straight to $98,000. Good Luck everyone. pic.twitter.com/sIjbPPAoOM
Others believe this is an attempt to "fill" the daily candle wick from last week, which pushed the price to $102,000 amid concerns over the U.S.-China trade war.
“$BTC is dealing with the Binance wick. If it doesn't end here, it may fill the entire wick near the weekly 50 MA,” trader SuperBro wrote on X.
Previously, the daily moving average support was breached, and Bitcoin touched the 200-day moving average for the first time in six months.
According to crypto investor and entrepreneur Ted Pillows, BTC has lost the $108,000 support, and there is almost no support between $101,000 and $102,000.
The banking sector's troubles are also starting to affect gold, the current standout asset in the market, which closed at a historic high.
Gold supporters are celebrating its divergence from Bitcoin. Notable Bitcoin skeptic and chairman and chief economist of investment consulting firm Europac, Peter Schiff, even predicts that the precious metal will reach $1 million per ounce before Bitcoin.
Gold is more likely to hit $1 million than Bitcoin.
In a recent exchange on X platform, he pointed out that this is not only a de-dollarization trade but also a de-Bitcoinization trade. Bitcoin has not met expectations as a substitute for the dollar or as digital gold.
There are also views suggesting that the probability of funds rotating into Bitcoin is higher.
According to crypto trader Jelle on X platform, regardless, considering market performance, it is reasonable to expect that profit-taking funds from gold will flow out quickly.
Supporting charts show that Bitcoin has led and "outperformed" gold in recent years.
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Original article: “Bitcoin (BTC) Hits 15-Week Low, Falls Below $105K, U.S. Regional Bank Crisis Echoes 2023 Scenario”
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