Bitcoin ($BTC) has recently witnessed a notable resistance, pushing its price amid the bearish market outlook. As per the exclusive market data, Bitcoin ($BTC) has dipped below the $110K mark, as of September 4th.
This substantial decrease in the price of the top crypto asset signifies a reluctant investor sentiment while the market is going through noteworthy headwinds. This raises the possibility of a deeper price plunge as the resistance seems strong at the moment.
Bitcoin Price Slumps Below $110K as $112K Poses Strong Resistance
Based on the latest data, the price of the leading crypto asset has recently dipped below $110K. This drop reportedly signifies Bitcoin’s ($BTC) potential decline below $109,500. On the other hand, despite several attempts to surpass the $112K level, Bitcoin ($BTC) faced massive resistance after being rejected several times.
At the moment, the price shows slight recovery while trading at nearly $111,434.24, indicating a 0.58% increase over 24 hours. However, the resistance around $112K appears strong, and the big investors are reluctant to engage with the market on a wide scale. Hence, the top crypto asset needs to reclaim the $114K spot to increase the confidence among bulls. Therefore, the $112K-$114K range plays a crucial role in determining the further price movement.
Gold Outcompetes Crypto and Stock Markets Amid Shifting Investor Sentiment
In the meantime, as the new market insights indicate, gold is making waves in the financial markets. While outperforming the crypto and stock markets, the precious metal is driving a market shift. As a result of this, the investors are moving toward gold as a safe haven amid the growing inflation and crypto volatility.
Apart from that, the analysts have also raised caution about a further downturn in Bitcoin’s price. Thus, Bitcoin is anticipated to go through a major correction ahead of a recovery, as the current prolonged failure highlights. Keeping this in view, the traders need to stay cautious and keep looking for potential market signals.
