Bitcoin Slips Under $110K as Bulls Fail to Hold the Line

Bitcoin’s latest attempt to storm higher fizzled out fast. After a limp Wall Street open and a shrug at U.S. jobs data, BTC slid more than 2%, dropping back into the danger zone beneath $110K.

Bitcoin’s struggle with resistance around $112K has become the stuff of déjà vu. Once again, bulls tried to turn that ceiling into a floor — once again, they got smacked back down. Popular trader BitBull summed it up bluntly: “Until BTC reclaims $114K on the daily, every rally is just a bull trap.” In other words, don’t get too comfy — the longer Bitcoin hangs out below that level, the bigger the correction risk.

Bitcoin slipped again on Thursday, source: BNC

Where Support Might Hold

The optimists haven’t left the building yet. Swissblock argues that $110K is “critical support” thanks to a heavy-volume trading zone sitting right there. Lose it, and we’re looking at a fast-track ticket to the psychological $100K level. But if Bitcoin can bounce, the next upside gauntlet is at $113.6K–$115.6K, followed by an even beefier wall near $118K. In short: still lots of resistance above, not much room for error below.

Macro Backdrop: Gold Shines, Fed Wobbles

Zooming out, U.S. jobs data pointed to a cooling labor market, fueling expectations of a Fed rate cut on Sept. 17. That would normally be rocket fuel for risk assets — but inflation is still lurking, and some analysts warn the Fed may only have room for a “one and done” cut. That uncertainty isn’t helping crypto sentiment.

Meanwhile, gold is flexing hard. It’s not just beating Bitcoin, it’s outpacing stocks too. As The Kobeissi Letter put it: “Markets are pricing in higher long-term inflation and more deficit spending.” Translation: shiny rocks are winning this round.

Bottom Line

Bitcoin’s flirting with a cliff edge. Support at $110K is crucial, $100K is the next safety net, and $114K is the breakout line in the sand. Right now, though, the spotlight belongs to gold — and Bitcoin’s playing second fiddle.