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In the midst of tension in the Iran-Israel conflict, the cryptocurrency market has experienced another daily decline. Bitcoin (BTC), which had just recovered from Friday’s decline, erased its recent gains and recorded a 4.5% drop at the $ 103,000 mark in the last 24 hours. However, some analysts believe that the flagship crypto is preparing for a big step in the coming weeks.
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Bitcoin could see a massive movement soon
On Monday, Bitcoin tried to break its after-November range, but failed to hold the area from $ 108,000 to $ 109,000 as a support for the fourth time in a month, falling in its larger range.
Market Watcher Daan Crypto Trades noted that this level of resistance remains a key area to look at, adding that “without a clean break above, it’s not the time to get excited for the moment.”
However, the trader considers that the BTC “is preparing for a big decision” while the cryptocurrency continues to maintain its monthly range between $ 100,000 and $ 110,000.
He said that this range would break “at a given time in June”, as well as the current weekly high and low, which have “a very low probability of being held” in the coming days.
Daan added that a break in these levels is very possible in the next 1-2 weeks, which has probably led to a large movement in the direction of the break.
Analyst SJUUL D’ALTCRYPTOGEMS highlighted the performance of the crypto market and the concerns of investors in the midst of war -related titles, noting that Bitcoin reacted in a similar model during past geopolitical and cryptographic events.
According to the analyst, the uncertainty of global events has led to mass liquidation and panic several times since 2020, which has resulted in accidents from 30% to 50%. However, the market has recovered from these events after a significant accumulation.
Here is the model: big event (Black Swan). Panic titles. TRAINKER BTC emptying. The detailed panic is sold. Smart Money buys. Time passes. Bitcoin reached new heights.
Based on this, SJUUL has planned a strong Bitcoin pump and a new record of all time (ATH) once the current war tensions are completed.
BTC holds key support in the middle of the hindsight
Meanwhile, analyst Rekt Capital stressed that Bitcoin has retested its old high range as support in the last six weeks and shown stability around the level of $ 104,400 during this period.
According to the analyst, as long as the price of BTC ends per week above this level, the locks of candle below are “noise” and it is positioned to move on to its second trend upwards price discovery.
He also pointed out that cryptocurrency saw only less than 10% during recent declines. In addition, these depths of decline also decreased, the first rejection producing a drop of 7.72% and the second decline being 5.79% depth, while current rejection has experienced a retirement of 4.5% so far.
Rekt Capital considers the strongest support between $ 102,000 and $ 104,000, and the final level to break is the high range of $ 108,890.
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“As long as this resistance does not reject the price too much, so perhaps it is weakening over time,” he said, concluding that a weekly fence above this level would be “a very strong sign for a recovery of this resistance to new support for the price of the springboard.”
To date, Bitcoin is negotiated at $ 105,085, a jump of 1.1% in the last hour.
Star image of Unsplash.com, tradingView.com graphic
