Bitcoin had a sharp reversal on Sunday, soaring to $107,000 before retracing more than 4% in just a few hours, a classic fake that shaking the market. The rejection of local highlands sparked debate among top analysts: Some warn that as BTC struggles to break into price discovery, others remain bullish while others remain bullish, expected to exceed a high breakout of around $109,000. This volatility underscores the uncertainty of investor uncertainty due to the lack of clear macro drivers.
The Glass Festival data adds an interesting dimension to this setting: Bitcoin’s short-term correlation with gold has dropped to -0.54 over the past 30 days, the lowest since February. In other words, Bitcoin may be entering a unique stage in which it is more independent of traditional safe havens. With BTC consolidation at key levels, the coming days could lead to higher volatility and critical price action. Now the market is looking closely at whether the Bulls will recover their momentum or whether they need to make more in-depth corrections.
Bitcoin support faces pressure related to gold hit rate
Bitcoin is currently in key areas, and the Bulls urgently defended the $100,000 record to maintain bullish momentum. After briefly hitting $107,000 over the weekend, BTC experienced a sharp review of 4%, demonstrating hesitation and attracting investors’ attention. Prices are now hovering around major short-term support, and while the long-term structure remains bullish, failing to hold $100,000 may trigger areas with lower demand.
Despite the sell-off, many traders believe that the path forward still has upward potential. The liquidity cluster remains above the height of $105,000, and a breakthrough beyond the region could introduce rally to a new all-time high of nearly $109,000. However, the lack of follow-up will stir up market sentiment after Sunday’s breakout attempt, with some participants expecting a broader correction before any sustained movement is higher.
The glass section data adds another layer to the analysis. The short-term correlation between Bitcoin and gold has dropped to -0.54 over the past 30 days, the lowest since February, suggesting that BTC is different from the traditional safe haven in the current macro environment. Meanwhile, the 90-day and 365-day gold correlations were 0.39 and 0.60, respectively. This suggests that while Bitcoin still shares medium to long-term behavior patterns with gold, its short-term performance is increasingly driven by crypto-local market forces and speculation.
As Bitcoin merges and prepares for the next move, everyone’s eyes are at the $100K support level and the $105,000 to $109K resistance zone. If the Bulls can defend this critical structure and restore momentum, the stage will be set for price discovery. However, if support fails, a more in-depth answer may be followed – bullish expectations may be reset in the short term.
Bitcoin backs off after rejection – Key support in focus
Bitcoin’s price action on the daily chart shows that at the $107,000 level, the price of Bitcoin dropped sharply, and then quickly went back to the $103,000 area. The recent wick rising wick marks previous resistance above counterfeits, indicating high sales pressure. The day triggered a 3.36% callback, with BTC currently trading at about $102,943.
Despite the decline, the broader structure remains optimistic as long as Bitcoin stays at the critical $100,000 support level. The 200-day SMA is $92,801 and the EMA is $88,469, which provides deeper structural support, but the Bulls’ goal is to defend a psychological $100,000 to maintain momentum. Closed $100,000 in revenue per day could invite further sales and shake confidence in the current rally.
The number of answers is noteworthy, but not extreme, suggesting that the sell-off may still be part of a broader merger rather than a full-trend reversal. To get upside confirmation, BTC must recover and hold $105,000-$107,000 in size to challenge its all-time high selling price of $109,000. Until then, traders should focus on price stability over $100,000 or risk deeper corrective measures as volatility remains higher.
Featured images from DALL-E, charts from TradingView
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