Key points:
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Bitcoin has fallen to its lowest levels since June as familiar US banking turmoil returns.
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Traders see $100,000 as a possible bust as support.
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Gold Drops to New All-Time Highs as Peter Schiff Sees Bitcoin Beating the Million Dollar Mark.
Bitcoin (BTC) fell to 15-week lows on Friday as the decline in US banks added to pressure on BTC prices.
Bitcoin risks “going straight to $98,000” next time.
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin falling below $106,000 for the first time since June.
Crypto markets reacted poorly to concerns about US regional banking stocks, which began to fall in a manner similar to March 2023. Then Bitcoin and altcoins experienced a rapid decline before a strong recovery, with BTC/USD falling below the $20,000 mark.
“In March 2023, regional bank stocks collapsed, the crisis was ‘contained’, but nothing really changed,” a trade source wrote in The Kobeissi Letter X post on the subject.
Reacting, some traders warned of a retest and potential failure of key BTC price support at $100,000.
If $BTC lose this support, we go straight to $98,000.
Good luck everyone. pic.twitter.com/sIjbPPAoOM
— Borg (@Borg_Cryptos) October 17, 2025
Others saw an attempt to “fill” the daily candle wick from last week, which pushed the price to $102,000 on Binance amid concerns over the US-China trade war.
“$BTC is running on Binance wick. If it doesn’t end here, it could fill the entire fuse near the weekly 50 MA,” trader SuperBro wrote on 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 is no support until $101,000 – $102,000,” crypto investor and entrepreneur Ted Pillows agreed.
“If Bitcoin manages to retake the $110,000 level from here, we could see a recovery. Otherwise, expect more pain before relief.”
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 hit new all-time highs at the day’s close.
Related: $120k or the end of the bull market? 5 things to know about Bitcoin this week
Gold advocates celebrated its departure from Bitcoin. Peter Schiff, a well-known Bitcoin skeptic who is the president and chief economist of investment advisory firm Europac, even predicted that the precious metal will reach $1 million per ounce before Bitcoin.
Gold is more likely to hit $1 million than Bitcoin.
— Peter Schiff (@PeterSchiff) October 16, 2025
“It’s not just a de-dollarization trade, it’s a de-bitcoinization trade. Bitcoin has failed the test as a viable alternative to the US dollar or digital gold,” he said. claimed during recent X exchanges.
Others have suggested that a “rotation” in BTC is now more likely.
“In any case, it makes sense to see the profits flowing out of gold soon given the way the market is behaving,” crypto trader Jelle he said on X.
The accompanying chart showed the phases of Bitcoin’s lead and gold’s “catch-up” over the years.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.
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