Key Insights:
- Bitcoin experienced a substantial drop, reaching its lowest point since June as turbulence in US banking circles resurfaced.
- Traders are concerned that the $100,000 mark may not hold as a support level.
- Peter Schiff comments that gold will likely reach $1 million per ounce before Bitcoin does.
Bitcoin (BTC) saw its price dip to a 15-week low on Friday, influenced by ongoing distress in US regional bank stocks, reminiscent of events from earlier this year in March 2023.
BTC/USD four-hour chart. Source: Cointelegraph/TradingView
Bitcoin Faces Pressure Below $106K
Data from Cointelegraph Markets Pro and TradingView indicate that Bitcoin fell below $106,000 for the first time since June. The cryptocurrency markets reacted negatively to declines in US regional banking shares, mirroring trends seen in March 2023.
“If $BTC loses this support, we are going straight to $98,000. Good luck everyone.”
— Borg (@Borg_Cryptos) on X
Some traders also mentioned the possibility of an attempt to fill a previous daily candle wick which took the price to $102,000 on Binance, hinting at ongoing volatility.
Gold’s Resilience
The banking issues are influencing the gold market, which reached new all-time highs recently. Peter Schiff, a prominent skeptic of Bitcoin, asserted, “Gold is more likely to hit $1 million than Bitcoin.”
“It’s not just a de-dollarization trade but a de-bitcoinization trade. Bitcoin has failed the test as a viable alternative to the U.S. dollar or digital gold.” — Peter Schiff on X.
XAU/USD one-hour chart. Source: Cointelegraph/TradingView
Disclaimer: This article does not offer investment advice or recommendations. All investments involve risk, and readers are encouraged to seek their own research.
