Bitcoin (BTC) prices have crashed by almost 5% in the last 48 hours, and the growing global tensions after Israeli raids in Iran on June 12. Because financial markets reacted to this message, Bitcoin prices dropped to below USD 103,000 before they experienced a modest reflection to climb at USD 105,000.
In particular, Ali Martinez, the highest market analyst, noted that the most critical cryptocurrency must maintain a specific support line to avoid a sedate correction based on an busy trade channel.
Support key worth $ 100,000 for Bitcoin Bull Challenge
IN X Post On June 13, Ali Martinez shared the technical analysis of Bitcoin’s price movement. The expert reveals that BTC has been stylishly maintained a range of range from 2024 among the main price increases and extended market corrections.
Over the past six months, Martinez’s analysis shows that Bitcoin has largely traded from 78,500 to 110,000 USD, setting many critical levels of support and resistance in this corridor. During this period, the virgin cryptocurrency was notable from the upper limit five times, while jumping from the lower limit four times.
After the latest Bitcoin disaster and a tendency to higher market variability, especially with a potential war in the Middle East, Martinez warns that Bitcoin bulls has a price above $ 100,000, which is another main level of support on the market.
The analyst explains that, according to the prices of prices within the established trade channel, the decisive closing of below 100,000 USD points increases the chances of reimbursement of prices to the lower limit at 78,500 USD. This situation is a potential price devaluation of 25% for current BTC resources.
On the other hand, maintaining a price of over 100,000 USD maintains intact momentum and increases the likelihood of a re -test of the resistance zone of USD 110,000, perhaps with the hope of a decisive price breakthrough outside the commercial channel.
However, a failure below 100,000 USD would not necessarily cause an immediate correction to 78,500 USD. In particular, Martinez’s analysis reveals that support levels of USD 92,000 and USD 86,000 can provide Bitcoin bulls with the ability to confirm market control.
BTC price review
At the time of writing, bitcoins trade at USD 105,194 after a decrease by 1.79% in the last 24 hours. Meanwhile, the daily volume of asset trading increases by 37.04%, which indicates an boost in market transactions and general commercial activities.
With a market captain of $ 2.07 trillion, Bitcoin remains the leader of the cryptocurrency market with an impressive dominance of 62.75%.
Related reading: Bitcoin after the ABCD pattern? The analyst sees the path to USD 137,000
A distinguished painting from Istock, chart from tradingview.com
