Key Points:
Bitcoin may drop again to $102,000 as the upper support appears to be weakening.
Analysis suggests that the bull market may be at risk as a result.
Gold has reached a historic high, while Bitcoin's price movement lags far behind.
On Wednesday, as Wall Street opened, selling pressure on Bitcoin increased, with price indicators showing limited signs of a rebound.
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD is trading around $110,000, down nearly 2% at the time of writing.
Earlier that day, the lower liquidity had been absorbed, but bulls still failed to break through the resistance level of $114,000 indicated by CoinGlass.
Trader Roman warned while analyzing the current Bitcoin trend that the $102,000 low seen on Binance last week may come back into focus.
In his post on social platform X regarding the four-hour chart, he stated, "It looks like a failed reversal pattern right now."
If Bitcoin drops to $102,000, it would represent a 19% pullback from the recent historical high. Such pullbacks are quite common during the current bull market that started in early 2023.
Crypto analyst and entrepreneur Ted Pillows added, "The long-term structure of Bitcoin remains healthy. As long as the $102,000 level holds, Bitcoin is still in a bull market."
Trader Crypto Tony pointed out that the daily low of $110,500 "should be able to hold for now."
Thus, Bitcoin has failed to capitalize on the potential macro positives for current risk assets.
U.S. Federal Reserve Chairman Jerome Powell spoke on Tuesday, raising market expectations for another rate cut at the October meeting.
As a result, gold reached a historic high that day, now exceeding $4,200 per ounce.
According to trading firm QCP Capital in the latest "Asia Color" market update, "Despite the weekend's volatility, the correlation between Bitcoin and gold has risen above 0.85, highlighting the synchronized flow between traditional and digital value storage tools."
QCP still questions whether Bitcoin can maintain its "digital gold" utility in the future.
Related: Opinion: The Maturity of Cryptocurrency Requires Systematic Discipline, Not Speculation
Original: “As Gold Hits New Highs, Bitcoin Traders Worry BTC Price Will Further Dive to $102K”
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