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[1] 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.
Top 5 Cryptocurrencies by Market Value
| Rank | Cryptocurrency | Price (USD) | Market Cap (Approx.) | 24h Change |
|---|---|---|---|---|
| 1 | Bitcoin (BTC) | $111,000 | $2.19 Trillion | -1.8% |
| 2 | Ethereum (ETH) | $4,250 | $510 Billion | -0.9% |
| 3 | BNB (BNB) | $625 | $95 Billion | -0.7% |
| 4 | Solana (SOL) | $198 | $89 Billion | -1.2% |
| 5 | XRP (XRP) | $0.67 | $37 Billion | -0.5% |
While Bitcoin remains the top digital asset, traders are watching closely as market sentiment balances between renewed optimism and fears of a deeper correction.