Bitcoin’s price has taken a bit of a dip after failing to break through $110,000, settling around $104,000-$105,000. This drop followed increased tension between Israel and Iran, causing a general market panic and a lot of selling in the crypto world.
Is the Market Resilient?
Despite the price drop, things might not be as bad as they seem. Data suggests that investors aren’t exactly panicking and rushing to sell. There hasn’t been a huge increase in Bitcoin being sent to exchanges, which is usually a sign of people wanting to cash out. This suggests that long-term holders are staying put.
Bitcoin’s Crucial Support Level
For Bitcoin to keep its upward momentum, it needs to stay above $103,600. If it can hold this level, it could potentially push towards its all-time high of $112,000. The market’s next big move will depend on whether Bitcoin can hold this support or breaks below it.
Bitcoin Holds Strong Despite Global Uncertainty
Even with all the negative news—the Middle East conflict, inflation, and rising US Treasury yields—Bitcoin is holding up surprisingly well, staying above $100,000. This resilience suggests underlying strength. Many believe this is setting the stage for a major price increase. A decisive break above $112,000 could send Bitcoin soaring.
A Look at Altcoin Inflows
Interestingly, there’s been little increase in altcoins being sent to exchanges. This is unusual because usually, before a market peak, we see a surge in altcoin deposits as people sell off their less-established cryptocurrencies. The lack of this suggests that the market isn’t experiencing widespread panic selling. Large investors seem to be holding steady.
Bitcoin’s Price Action: A Tight Range
Bitcoin’s price is currently stuck between $103,600 and $109,300. The recent volatility pushed it below $106,000, briefly touching $103,600 before buyers stepped in. Key moving averages show the overall uptrend is still intact. While there was a spike in selling, the quick recovery shows strong buying interest.
What’s Next for Bitcoin?
For Bitcoin to continue its upward trend, it needs to break above $109,300 and aim for $112,000. However, falling below $103,600 could signal a much larger drop towards $96,000-$98,000. The next few days will be crucial in determining Bitcoin’s direction. Whether it breaks above or below these key levels will define the next major move. The bulls are holding on, but how long can they withstand the pressure?
