Bitcoin fell to lows of $87,800 on Tuesday before bouncing to above $89,000.
\nLosses for BTC came as gold hit new record high above $4,870.
\nGalaxy Digital CEO Mike Novogratz says bulls need to take out bears around $100,000-$103,000.<\/p>\n
Bitcoin dipped to around $87,800 on Tuesday, breaking lower as risk assets struggled.<\/p>\n
However, amid waning investor confidence in the bellwether digital asset, gold has surged to new record highs.<\/p>\n
Industry heavyweight Mike Novogratz says the flagship digital asset needs to reclaim the $100,000 mark to resume its uptrend.<\/p>\n
Broader market uncertainty, including geopolitical tensions, has kept Bitcoin below the psychologically important $100,000 level.<\/p>\n
In the latest session, the cryptocurrency slipped under $90,000, with data from CoinMarketCap showing intraday lows of $87,814 on major exchanges.<\/p>\n
Bitcoin\u2019s rally earlier this year was driven by strong institutional demand, but that momentum has eased in recent weeks.<\/p>\n
In contrast, gold has climbed to fresh record highs above $4,870, reinforcing its role as a safe-haven asset amid heightened geopolitical risks and ongoing macroeconomic pressures.<\/p>\n
Mike Novogratz, the outspoken CEO of Galaxy Digital Holdings, weighed in on Bitcoin\u2019s current woes via a post on X<\/a>.<\/p>\n Novogratz, a veteran Wall Street trader turned crypto evangelist,\u00a0 notes that Bitcoin could regain its upward momentum if bulls reclaim the $100,000-$103,000 level.<\/p>\n \u201cThe gold price is telling us we are losing reserve currency status at an accelerating rate. \u00a0 The long bond selling off is not a good sign either,\u201d he posted on X. \u201cBTC is disappointing as it is still being met with selling.\u00a0 I will reiterate it has to take out 100-103k to regain its upward trend. I think it will, in time.\u201d<\/p>\n From a technical perspective, the declines have pushed prices beneath the critical 61.8% Fibonacci retracement level calculated from its April low of $74,400 to October\u2019s record peak of $126,198.<\/p>\n Bears have also breached the key support zone at the 50-day Exponential Moving Average (EMA) at $92,066 and a prior upper consolidation boundary near $90,000.<\/p>\n Bitcoin price chart<\/a> by TradingView<\/p>\n Other technical signals reinforcing the pessimistic outlook include the Relative Strength Index (RSI), which currently stands at 42.<\/p>\n Notably, the Moving Average Convergence Divergence (MACD) indicator has also flashed a bearish crossover, suggesting sellers are in control.<\/p>\n Volume profiles indicate thinning buying interest, which could exacerbate downside risks if headwinds persist.<\/p>\n A sustained close below $87,700 could accelerate the downturn toward the lower channel boundary at $85,450.<\/p>\n The demand reload zone aligns with the 78.6% Fibonacci retracement level.<\/p>\n The post Bitcoin touches lows of $87,800 as gold hits new record high<\/a> appeared first on CoinJournal<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin fell to lows of $87,800 on Tuesday before bouncing to above $89,000. Losses for BTC came as gold hit new record high above $4,870. Galaxy Digital CEO Mike Novogratz says bulls need to take out bears around $100,000-$103,000. Bitcoin dipped to around $87,800 on Tuesday, breaking lower as risk assets struggled. However, amid waning […]<\/p>\n","protected":false},"author":0,"featured_media":6145,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-6144","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin"},"acf":[],"_links":{"self":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts\/6144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/comments?post=6144"}],"version-history":[{"count":0,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts\/6144\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/media\/6145"}],"wp:attachment":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/media?parent=6144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/categories?post=6144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/tags?post=6144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Bitcoin price technical outlook<\/h2>\n