- Bitcoin fell to a low of $87,800 on Tuesday before bouncing back above $89,000.
- The Bitcoin pullback occurred as gold climbed to a new high of $4,870.
- Galaxy Digital CEO Mike Novogratz said bulls must remove shorts between $100,000 and $103,000 to regain upward momentum.
Bitcoin dropped to roughly $87,800 on Tuesday as risk assets weakened and market uncertainty increased.
At the same time, gold reached fresh record highs, reflecting investor demand for safe-haven assets amid growing geopolitical tensions and macroeconomic pressures.
Industry veteran Mike Novogratz said Bitcoin needs to reclaim the $100,000 level to reassert a bullish trend.
Bitcoin rebounds from $87,800 low
Wider market uncertainty, including heightened geopolitical risks, has kept Bitcoin below the psychologically important $100,000 mark.
During the most recent trading session the cryptocurrency fell below $90,000, with CoinMarketCap reporting an intraday low near $87,814 on major exchanges.
Earlier this year, Bitcoin’s rally was driven largely by robust institutional demand, but that momentum has cooled in recent weeks.
In contrast, gold has risen above $4,870, reinforcing its role as a store of value as investors seek protection from geopolitical risk and persistent macroeconomic headwinds.
Mike Novogratz, CEO of Galaxy Digital Holdings and a former Wall Street trader turned crypto advocate, shared his view on Bitcoin’s current challenges in a post on X.
Novogratz said that if bulls can reclaim the $100,000 to $103,000 range, Bitcoin could regain upward momentum.
“Gold tells us our reserve currency status is being lost at an accelerating pace. The sell-off in long-term bonds is also not a good sign,” he wrote on X. “Bitcoin is disappointing because it is still facing selling pressure. I’ll say it again: it needs to clear $100k to $103k to regain an uptrend. I think time will change that.”
Technical outlook for Bitcoin prices
From a technical standpoint, the price has broken below a key 61.8% Fibonacci retracement level measured from the April low of $74,400 to the October record high of $126,198.
Bears have also pushed below critical support zones, including the 50-day exponential moving average (EMA) at $92,066 and the recent consolidation area just under $90,000.
Bitcoin price chart
Other technical indicators point to a cautious outlook: the Relative Strength Index (RSI) sits around 42, signaling limited bullish momentum, and the Moving Average Convergence Divergence (MACD) has produced a bearish crossover, indicating sellers are in control.
Volume patterns also suggest waning buying interest, which could increase downward pressure if the negative backdrop persists.
A sustained close below $87,700 may accelerate declines toward the lower channel boundary near $85,450.
That area corresponds with a demand zone and the 78.6% Fibonacci retracement level, where buyers may reenter if selling pressure eases.