- Bitcoin fell to a low of $87,800 on Tuesday before rebounding above $89,000.
- BTC losses came as gold reached a fresh record above $4,870.
- Galaxy Digital CEO Mike Novogratz says bulls must clear $100,000 to $103,000 to reassert the uptrend.
Bitcoin dipped to roughly $87,800 on Tuesday as risk assets struggled, then staged a partial recovery above $89,000.
While investor confidence in the leading digital asset has weakened, gold continued to climb to new record highs, underlining its role as a safe-haven amid mounting geopolitical tensions and persistent macroeconomic pressures.
Industry heavyweight Mike Novogratz says Bitcoin needs to regain the $100,000 level to resume its bullish trajectory.
Bitcoin price bounces from $87,800 low
Broader market uncertainty, including heightened geopolitical risks, has kept Bitcoin below the psychologically important $100,000 mark.
In the most recent trading session the cryptocurrency slipped below $90,000, with CoinMarketCap data showing intraday lows near $87,814 on major exchanges.
Bitcoin’s rally earlier this year was driven by strong institutional demand, but that momentum has faded in recent weeks.
By contrast, gold hit fresh record highs above $4,870, reinforcing its appeal as a refuge for investors amid the current risk-off environment.
Mike Novogratz, the outspoken CEO of Galaxy Digital Holdings, commented on Bitcoin’s struggles 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 zone.
“Gold’s price tells us we are losing our reserve currency status at an accelerated pace. The selling of long bonds is not a good sign either,” he wrote on X. “BTC is disappointing because it’s still met with selling. I repeat — you need to clear 100–103k to get back into an uptrend. I think that will happen, over time.”
Technical outlook for Bitcoin price
From a technical perspective, recent declines pushed prices below the critical 61.8% Fibonacci retracement level, calculated from the April low near $74,400 to the October all-time high of $126,198.
Bears also broke the key support area around the 50-day exponential moving average (EMA) at $92,066 and a prior consolidation ceiling near $90,000.
Additional technical signals supporting a cautious outlook include the relative strength index (RSI), currently around 42, and a bearish moving average convergence divergence (MACD) crossover, which suggests sellers are in control.
Volume profiles point to declining buyer interest, which could intensify downside risk if adverse conditions persist.
A sustained close below $87,700 could accelerate the decline toward the channel’s lower boundary near $85,450.
The next meaningful demand zone aligns with the 78.6% Fibonacci retracement level, which may act as a potential support area if selling pressure continues.