Bitcoin Attempts to Reclaim $104,000 Support Amid Volatility Concerns
Bitcoin (BTC) is attempting to reclaim support in the $104,000-$105,000 range after dropping to a one-week low of $102,000. This decline was influenced by geopolitical tensions, particularly the Iran-Israel conflict.
Market Analysis
- Bitcoin fell 5.5% on Thursday, unable to maintain its previous three-day range of $108,000-$110,000.
- Earlier this week, BTC had recovered from retesting the $100,000 level and reclaimed $106,800 as support.
- Analyst Daan Crypto Trades noted that current market volatility is driven by headlines and cautioned about potential choppy performance.
The range high remains critical for upward movement, but caution is advised until BTC convincingly breaks above it.
Future Predictions
- Analyst Carl Runefelt identified a potential double top pattern on BTC’s 4-hour chart, indicating possible further declines if resistance is not reclaimed.
- If BTC loses mid-range support, it may retest lows around $90,000-$92,000.
- Market watcher Merlijn The Trader suggested filling lower CME gaps at $92,500 and $97,300 could provide buying opportunities.
- BTC's current price action resembles last year's patterns prior to a significant rally.
Historical patterns indicate that BTC might follow a similar trajectory to last year, suggesting a potential upward trend post-correction.
