Bitcoin Drops 4.5% to $103,000 Amid Market Tensions
Amid the Iran-Israel conflict, the cryptocurrency market faced a pullback, with Bitcoin (BTC) dropping 4.5% to $103,000 in 24 hours. Analysts suggest BTC could be gearing up for a significant move.
Bitcoin Could See Massive Move Soon
Bitcoin failed to maintain support at $108,000-$109,000 for the fourth time this month. Market analyst Daan Crypto Trades highlighted this resistance level, stating that a break is necessary for upward momentum. He believes BTC is preparing for a large movement within its range of $100,000 to $110,000.
Daan predicts a breakout from these levels in the next 1-2 weeks, which could lead to substantial price changes.
Analyst Sjuul noted that geopolitical tensions have historically caused mass liquidation, leading to sharp declines but ultimately followed by recovery. He forecasts a strong BTC rally post-conflict.
Panic leads to retail selling while smart money accumulates, resulting in Bitcoin reaching new highs.
BTC Holds Key Support Amid Pullback
Analyst Rekt Capital pointed out Bitcoin's stability around $104,400 over the past six weeks, emphasizing that as long as it closes above this support, it can transition into an upward trend. Recent dips have been less than 10%, indicating diminishing volatility.
The strongest support is between $102,000 and $104,000, with key resistance at $108,890. A weekly close above this level would signal potential for further price increases.
Currently, Bitcoin is trading at $105,085, reflecting a 1.1% increase in the past hour.
