The analysis begins by noting that Bitcoin has rejected a resistance level at $118,000 and is currently trading around $111,000. He then points out that $500 million in longs were liquidated yesterday.The analyst highlights the presence of a bearish MACD cross on the 4-hour chart and a low RSI of 40 on the daily chart for Bitcoin, which is one of the lowest RSI readings lately. Two scenarios for Bitcoin are presented, dropping to a support level (around $90k) or correction. The gold and Bitcoin charts are compared, noting an inverse correlation.