- Bitcoin dipped to a low of $87,800 on Tuesday before rebounding to above $89,000.
- BTC’s decline occurred as gold surged past a record $4,870.
- Galaxy Digital CEO Mike Novogratz says bulls must reclaim the $100,000–$103,000 zone to reestablish the uptrend.
Bitcoin fell to roughly $87,800 on Tuesday amid broad weakness in risk assets, but it found support and later recovered to trade above $89,000.
While investor appetite for the flagship digital asset weakened, gold continued to set fresh highs, reflecting heightened demand for perceived safe-haven assets.
Industry veteran Mike Novogratz said the cryptocurrency needs to reclaim the $100,000 level to resume a sustained upward trajectory.
Bitcoin rebounds from a low of $87,800
Ongoing market uncertainty, including geopolitical tensions, has pressured Bitcoin below the psychologically important $100,000 mark.
According to CoinMarketCap data, intraday lows on major exchanges touched $87,814, pushing BTC briefly below $90,000.
Bitcoin’s rally earlier this year was driven largely by strong institutional demand, but that momentum has softened in recent weeks.
Meanwhile, gold surpassed $4,870 as rising geopolitical risk and persistent macroeconomic pressures bolstered its role as a safe-haven asset.
Mike Novogratz, 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, noted that if bulls can reclaim the $100,000–$103,000 range, Bitcoin stands a better chance of regaining upward momentum.
“The gold price is showing that we are rapidly losing reserve currency status. Selling of long bonds is not a good sign either,” he wrote on X. “BTC is still being sold off, which is disappointing. Again, to regain the uptrend we need to get back to $100k–$103k. I believe that will happen over time.”
Technical outlook for Bitcoin price
From a technical perspective, the recent declines pushed BTC below the key 61.8% Fibonacci retracement level calculated from the April low of $74,400 to the October record high of $126,198.
Bears also breached the 50-day exponential moving average (EMA) at $92,066 and overcame the near-term resistance area around $90,000.
Bitcoin price chart shows recent weakness and technical drift lower.
Other indicators underline a cautious outlook: the relative strength index (RSI) sits near 42, indicating limited bullish momentum.
The moving average convergence divergence (MACD) has produced a bearish crossover, signaling seller dominance in the near term.
Volume profiles point to waning buying interest, and sustained headwinds could increase the risk of further declines.
A persistent daily close below $87,700 could accelerate downside pressure toward the $85,450 area.
Potential demand re-entry aligns with the 78.6% Fibonacci retracement level, which could act as a deeper support zone if selling continues.