Bitcoin slid to its lowest point in nearly four months on Friday, as renewed stress in the U.S. regional banking sector spooked investors and dragged down crypto markets.
Bitcoin faces risk of deeper drop toward $98K
Data from TradingView revealed that BTC fell under $106,000 for the first time since mid-June, extending a week of downside pressure.
The sell-off coincided with a sharp decline in regional U.S. bank stocks — a pattern eerily similar to the banking turmoil of March 2023. Back then, panic briefly sent Bitcoin below $20,000 before it staged a powerful rebound.
“In March 2023, banks tumbled, authorities claimed it was contained, but the system never truly stabilized,” observed market newsletter The Kobeissi Letter on X.
Traders now warn of another potential retest of the $100,000 support zone, which could determine whether Bitcoin stabilizes or slides further.
Some analysts believe Bitcoin’s latest move may simply be an effort to “fill” a candle wick left on the daily chart last week — a level that reached $102,000 on Binance amid escalating U.S.–China trade tensions.
“Bitcoin seems to be targeting that wick. If it keeps falling, the next stop could align with the weekly 50 moving average,” noted trader SuperBro on X.
The drop also forced Bitcoin to touch its 200-day moving average for the first time in more than half a year, after multiple shorter-term averages failed to hold as support.
“BTC has lost the crucial $108,000 area, leaving minimal support until roughly $101K–$102K,” said investor Ted Pillows. “If it can reclaim $110K, we might see a quick recovery — otherwise, expect more turbulence.”
Gold surges as Schiff renews Bitcoin criticism
Meanwhile, gold extended its rally to fresh all-time highs as investors sought safety, widening its gap with Bitcoin’s performance.
Longtime Bitcoin critic Peter Schiff, chief economist at Europac, argued that gold will reach $1 million per ounce before Bitcoin ever does.
“It’s not just de-dollarization — it’s de-bitcoinization,” Schiff said, insisting that Bitcoin has failed as a genuine alternative to the dollar or to gold itself.
Still, others expect the opposite trend to emerge next.
“Markets often rotate — after gold’s big run, some capital could easily flow back into Bitcoin,” trader Jelle commented on X, sharing a chart showing how Bitcoin has historically followed gold’s moves with a lag.
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