Bitcoin (BTC) fought to avoid a fresh price dive at Monday’s Wall Street open as traders increasingly gave up on the bull market.
Key points:
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Many Bitcoin market commentators no longer see the return of the bull market.
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BTC price action sees four consecutive red monthly candles for the third time in history.
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Gold cooling off can still offer crypto a shot, says analyst.
Analyst: “Looks like” $126,000 was BTC price top
Data from TradingView confirmed a roughly 2% bounce for BTC/USD versus the daily open.
BTC/USD one-hour chart. Source: Cointelegraph/TradingViewHaving set new 16-month lows of $74,532 on Bitstamp, the pair fielded more and more bearish predictions, with $74,000 and under now popular.
“The coming sessions are likely to be critical in shaping market direction for the remainder of the quarter,” trading resource QCP Capital wrote in its latest Asia Color market update.
Traders had little faith in a true market rebound from current levels.
“Weekly lower low on closing basis. Uptrend confirmed over,” trader Jelle told X followers in one of his latest posts.
BTC/USD one-week chart. Source: Jelle/XTrader and analyst Rekt Capital agreed that Bitcoin was unlikely to challenge its $126,200 all-time highs from October 2025.
“Looks like that was the top,” he concluded.
BTC/USD one-week chart. Source: Rekt Capital/XData from monitoring resource CoinGlass showed that BTC/USD had closed its fourth straight month in the red with the January close — a phenomenon seen just twice before, during the 2014 and 2018 bear markets.
BTC/USD monthly returns (screenshot). Source: CoinGlassGold correction can open crypto “floodgates”
After spending months going in opposite directions, Bitcoin and gold showed some short-term similarities on the day.
Related: BTC price heads back to 2021: Five things to know in Bitcoin this week
XAU/USD, which itself experienced a violent breakdown from all-time highs, attempted to stabilize at around $4,700 per ounce.
XAU/USD one-hour chart. Source: Cointelegraph/TradingViewQCP commented that the reversal on “deeply overbought” gold and silver was tied to the announcement of Kevin Warsh as the next chair of the US Federal Reserve.
“This has weighed on demand for non-yielding precious metals, a move reinforced by higher margin requirements imposed by futures exchanges, which accelerated the unwinding of leveraged positions,” it added.
A glimmer of hope appeared for crypto trader, analyst and entrepreneur Michaël van de Poppe on the back of the latest events.
Bitcoin, he argued, could still repeat historical patterns and follow gold to all-time highs after a statutory delay.
“Historically, when Gold peaks, $BTC follows. When Bitcoin breaks back to $88k+, $ETH follows. That rhythm won’t change, the markets just became slightly more complicated,” an X post on the day stated.
BTC/USD vs. XAU/USD one-week chart. Source: Cointelegraph/TradingViewThis 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. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
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