Key points:
- Bitcoin drops to its lowest point since June as US banking troubles resurface.
- Traders worry that the $100,000 level may no longer hold as support.
- Meanwhile, gold retreats from record highs, with Peter Schiff predicting it could surpass Bitcoin to reach $1 million.
Bitcoin fell to 15-week lows on Friday as a US banking rout added to BTC price pressures.
Bitcoin faces risk of “falling straight to $98,000”
Data from Cointelegraph Markets Pro and TradingView show Bitcoin dipping below $106,000 for the first time since June.
Crypto markets stumbled amid renewed concerns over US regional bank stocks, which are declining in a pattern reminiscent of March 2023. Back then, Bitcoin and altcoins experienced a flash crash before a strong recovery, with BTC/USD briefly dropping below $20,000.
“In March 2023, regional bank stocks collapsed, the crisis was ‘contained,’ but nothing really changed,” The Kobeissi Letter noted in an X post.
Some traders are now warning that Bitcoin could retest—and potentially break—its key $100,000 support level.
Some traders viewed the recent move as an effort to “fill” last week’s daily candle wick, which pushed Bitcoin to $102,000 on Binance amid ongoing US-China trade tensions.
“$BTC is working on the Binance wick. If it doesn’t stop here, it could fill the entire wick near the weekly 50 MA,” trader SuperBro commented on X.
Earlier daily moving averages failed to hold as support, pushing Bitcoin down to its 200-day MA for the first time in more than six months.
“$BTC has lost the $108,000 support level. Now there’s little to no support until $101,000–$102,000,” noted crypto investor and entrepreneur Ted Pillows.
“If Bitcoin manages to reclaim the $110,000 level from here, we could see a bounce back. Otherwise, expect more pain before relief.”
US banking concerns are starting to impact gold as well, despite it being the standout performer in the current market, reaching new all-time highs by the daily close.
Gold proponents celebrated its divergence from Bitcoin. Peter Schiff, the well-known Bitcoin skeptic who is chairman and chief economist at investment advisory firm Europac, even predicted that the precious metal would reach $1 million per ounce before Bitcoin.
“It’s not just a de-dollarization trade—it’s a de-Bitcoinization trade. Bitcoin has failed the test as a viable alternative to the U.S. dollar or digital gold,” he argued in recent X posts.
Some analysts, however, believe a rotation into BTC could be more likely.
“Either way, it makes sense to see profits flow out of gold soon, given how the market is behaving,” crypto trader Jelle commented on X.
A chart shared alongside the discussion highlighted the phases of Bitcoin leading and later “catching up” with gold over the years.
