- Bitcoin fell to a low of $87,800 on Tuesday before rebounding above $89,000.
- Losses for BTC occurred as gold hit a fresh record high above $4,870.
- Galaxy Digital CEO Mike Novogratz says bulls must overcome bears between $100,000 and $103,000.
Bitcoin dipped to around $87,800 on Tuesday as risk assets broadly came under pressure.
Meanwhile, investor confidence in this flagship digital asset has cooled while gold has surged to new record highs.
Industry heavyweight Mike Novogratz says Bitcoin needs to reclaim the $100,000 level to resume its bullish trend.
Bitcoin price rebounds from $87,800 low
Wider market uncertainty, including geopolitical tensions, has kept Bitcoin below the psychologically important $100,000 mark.
During the most recent session, the cryptocurrency slipped below $90,000, with CoinMarketCap reporting intraday lows of $87,814 on major exchanges.
Bitcoin’s rally earlier this year was driven by strong institutional demand, but that momentum has softened in recent weeks.
By contrast, gold has climbed to fresh record highs above $4,870, reinforcing its role as a safe-haven asset amid rising geopolitical risk and ongoing macroeconomic pressures.
Mike Novogratz, the outspoken CEO of Galaxy Digital Holdings, shared his view on Bitcoin’s current challenges in a post on X.
Novogratz, a former Wall Street trader turned crypto advocate, said Bitcoin could regain upward momentum if bulls push prices back into the $100,000–$103,000 range.
“The price of gold is telling us we are losing reserve currency status at an accelerated pace. The selloff in long-duration bonds is also not a good sign,” he posted on X. “BTC is disappointing because it keeps getting sold. I reiterate it has to clear between 100 and 103k to get its uptrend back. I think it will, over time.”
Technical outlook for Bitcoin price
From a technical standpoint, the pullback has driven prices below the critical 61.8% Fibonacci retracement level calculated from the April low of $74,400 to the October record high of $126,198.
Bears also broke the key support zone around the 50-day Exponential Moving Average (EMA) at $92,066 and a prior consolidation ceiling near $90,000.
Additional technical signals that support a cautious outlook include the Relative Strength Index (RSI), which currently sits around 42.
The Moving Average Convergence Divergence (MACD) indicator has also produced a bearish crossover, suggesting sellers are in control.
Volume profile readings point to declining buyer interest, which could exacerbate downside risks if headwinds persist.
A sustained close below $87,700 may accelerate the slide toward the lower channel boundary near $85,450.
The demand re-entry zone aligns with the 78.6% Fibonacci retracement level, which traders may watch for potential support.