- Bitcoin dipped to a low of $87,800 on Tuesday before rebounding above $89,000
- BTC’s losses came as gold surged to a new record above $4,870
- Galaxy Digital CEO Mike Novogratz said the bull market needs to reclaim roughly $100,000–$103,000
Bitcoin fell to around $87,800 on Tuesday, slipping lower as risk assets came under pressure.
Meanwhile, amid weakening investor confidence in digital assets, gold climbed to an all-time high.
Industry veteran Mike Novogratz said the flagship crypto must reclaim the $100,000 mark to re-establish a bullish trend.
Bitcoin price rebounds after trough at $87,800
Broad market uncertainty, including elevated geopolitical tensions, pushed Bitcoin below the psychologically important $100,000 level.
In the most recent session the cryptocurrency dropped below $90,000, with CoinMarketCap reporting an intraday low of $87,814 on major exchanges.
Bitcoin’s rally earlier this year was supported by strong institutional demand, but that momentum has eased in recent weeks.
By contrast, gold climbed to a record above $4,870, reinforcing its role as a safe-haven asset amid rising geopolitical risk and ongoing macroeconomic pressure.
Mike Novogratz, CEO of Galaxy Digital Holdings, addressed Bitcoin’s current struggles in a post on X.
Novogratz, a former Wall Street trader turned crypto advocate, noted that Bitcoin could regain bullish momentum if the market reclaims the $100,000–$103,000 range.
“The price of gold is telling us that we are losing reserve currency status at an accelerated pace. The selloff in long-dated bonds is not a good sign either,” he posted on X. “BTC is disappointing because it keeps getting sold. I would reiterate that it needs to take out 100–103k to restore the uptrend. I think it will be on time.”
Technical outlook for Bitcoin price
From a technical perspective, the drop pushed the price below the key 61.8% Fibonacci retracement level, calculated from the April low of $74,400 to the October high of $126,198.
The bearish move also breached key support at the 50-day exponential moving average (EMA) of $92,066 and the upper bound of the prior consolidation near $90,000.
Price chartBitcoin by TradingView
Other technical signals underscore the downside bias: the relative strength index (RSI) currently sits around 42.
Notably, the Moving Average Convergence Divergence (MACD) has produced a bearish crossover, indicating sellers are in control.
Volume profile shows reduced buying interest, which could exacerbate downside risk if that trend continues.
A sustained close below $87,700 could accelerate the decline toward the lower channel boundary near $85,450.
The demand-loading zone aligns with the 78.6% Fibonacci retracement level.