Key Points:
Bitcoin hits its lowest level since June as the familiar US banking turmoil returns.
To traders, 100,000 see failing as a potential help.
Gold’s latest high comes as Peter Schiff sees it beating Bitcoin past the $1 million mark.
Bitcoin (BTC) fell to a 15-week low on Friday as the US banking rout added to pressure on BTC prices.
Wikipedia threatens to “go straight to 98,000” next
Data from QuintalGraph Markets Pro and TradingView showed that bitcoin had dropped below 6,106,000 for the first time since June.
Crypto markets reacted badly to concerns over US regional banking stocks, which began falling in a similar fashion to March 2023. Then, Bitcoin and altcoins saw a flash crash before a strong recovery, with BTC/USD dipping below the $20,000 mark.
“In March 2023, regional bank stocks collapsed, the crisis ‘existed,’ but nothing really changed,” trading resource The X-Post wrote.
Reacting, some traders warned of a retracement and possible failure at the BTC price support, 000 100,000.
If $BTC Lose that support, we’re going 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 candlestick week from last week, which hit $102,000 on Binance amid US-China trade war worries.
“$BTC is working on Binance Week. If it doesn’t end here, it could fill the entire week around 50MA weekly,” trader Superbro wrote on X.
Earlier the moving average (MAS) on the daily timeframes failed to hold as support, forcing Bitcoin to touch its 200-day MA for the first time in more than six months.
“$BTC has missed the $108,000 support level. Now there is no support at $101,000-$102,000,” agreed crypto investor and entrepreneur Ted Pillows.
“If Bitcoin manages to reclaim the $110,000 level from here, we could see a bounce back. Otherwise, expect more pain before relief.”
Gold Big Chef Sees $1 Million Before Bitcoin
Banking woes also began to take their toll on the current market’s standout winner, gold, which hit near-daily all-time highs.
Related: 120K or the end of the bull market? 5 Things to Know in Bitcoin This Week
Gold’s supporters celebrated its replacement by Bitcoin. Peter Schiff, a well-known Bitcoin skeptic who is chairman and chief economist at investment advisory firm European, has predicted that the precious metal will reach $100,000 per ounce before Bitcoin.
Gold is more likely to hit $1 million than Bitcoin.
— Peter Schiff (@petersschiff) October 16, 2025
“This is not just a de-dollarization trade but a de-bitcoinization trade. Bitcoin has failed this test as a viable alternative to the US dollar or digital gold,” he argued during a recent X-Exchange.
Others suggested that a “turnover” in BTC is now more likely.
“Either way, it’s only worth seeing the profits come out of gold given the way the market is behaving,” crypto trader Jellie said on X.
An accompanying chart shows bitcoin’s phases and “catch-up” with gold over the years.
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making a decision.
