Bitcoin may retest $102K as gold hits record highs

Bitcoin prices saw renewed selling pressure on Wednesday, slipping near $111,000, as traders warned of another possible drop to $102,000 amid weakening support. Meanwhile, gold reached an all-time high above $4,200 per ounce, buoyed by expectations of a U.S. Federal Reserve interest rate cut.

Analysts cautioned that if Bitcoin closes below the $102K support level, the ongoing bull run could be at risk. “As long as the $102,000 level holds, Bitcoin will remain in a bullish phase,” said crypto analyst Ted Pillows. However, other traders noted signs of “failed reversal setups” suggesting possible further downside.

Despite gold’s strong rally, Bitcoin failed to mirror the momentum, even as institutional investments and ETF inflows showed strength with $102.7 million into BTC ETFs and $236.2 million into ETH ETFs recorded recently. The correlation between gold and Bitcoin has now climbed above 0.85, showing synchronized market behavior between traditional and digital stores of value.

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While Bitcoin remains the top digital asset, traders are watching closely as market sentiment balances between renewed optimism and fears of a deeper correction.

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