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Wednesday, March 18
Cryptocurrency & Free Speech Finance

Bitcoin hits 15-week low under $105K as US regional bank woes echo 2023

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Bitcoin hits 15-week low under 5K as US regional bank woes echo 2023

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Key points:

  • Bitcoin falls to its lowest levels since June as familiar US banking turmoil returns.

  • Traders see $100,000 as possibly failing as support.

  • Gold comes off fresh all-time highs as Peter Schiff sees it beating Bitcoin to the $1 million mark.

Bitcoin (BTC) fell to 15-week lows on Friday as a US banking rout added to BTC price pressures.

BTC/USD four-hour chart. Source: Cointelegraph/TradingView

Bitcoin risks “going straight to $98,000” next

Data from Cointelegraph Markets Pro and TradingView showed Bitcoin dropping under $106,000 for the first time since June.

Crypto markets reacted badly to concerns over US regional banking stocks, which began falling in a manner similar to March 2023. Then, Bitcoin and altcoins saw a flash crash before a strong rebound, with BTC/USD dipping under the $20,000 mark.

“In March 2023, regional bank stocks collapsed, the crisis was “contained,” but nothing really changed,” trading resource The Kobeissi Letter wrote in an X post on the topic.

Reacting, some traders warned of a retest and potential failure of key BTC price support at $100,000.

Others saw an attempt to “fill” a daily candle wick from last week, which took price to $102,000 on Binance amid US-China trade-war worries.

“$BTC working on the Binance wick. If it doesn’t end here, it could fill the whole wick near the weekly 50 MA,” trader SuperBro wrote on X.

BTC/USD one-day chart with 50-week MA. Source: SuperBro/X

Earlier moving averages (MAs) on daily timeframes failed to hold as support, leading Bitcoin to touch its 200-day MA for the first time in over six months.

“$BTC has lost the $108,000 support level. Now there’s little to no support until $101,000-$102,000,” crypto investor and entrepreneur Ted Pillows agreed.

“If Bitcoin manages to reclaim the $110,000 level from here, we could see a bounce back. Otherwise, expect more pain before relief.”

BTC/USDT one-day chart. Source: Ted Pillows/X

Gold bug Schiff sees $1 million before Bitcoin

The banking woes also began to take their toll on gold, the standout winner in the current market, which saw new all-time highs into the daily close. 

Related: $120K or end of bull market? 5 things to know in Bitcoin this week

XAU/USD one-hour chart. Source: Cointelegraph/TradingView

Gold proponents celebrated its divergence from Bitcoin. Peter Schiff, the well-known Bitcoin skeptic who is chairman and chief economist at investment advisory firm Europac, even predicted that the precious metal would reach $1 million per ounce before Bitcoin.

“It’s not just a de-dollarization trade but a de-bitcoinization trade. Bitcoin has failed the test as a viable alternative to the U.S. dollar or digital gold,” he argued during recent X exchanges.

Others suggested that a “rotation” into BTC was now more likely.

“Either way, makes sense to see profits flow out of Gold soon with the way the market behaves,” crypto trader Jelle said on X.

An accompanying chart showed phases of Bitcoin leading and “catching up” with gold over the years.

BTC/USD vs. XAU/USD chart. Source: Jelle/X

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.