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Among the tension in the Iran-Israel conflict, the cryptocurrency market has experienced another daily withdrawal. Bitcoin (BTC), which he just recovered from the Friday inheritance, removed the last profits and recorded 4.5% immersion to USD 103,000 in the last 24 hours. However, some analysts believe that the flagship crypto is preparing for huge traffic in the coming weeks.
Bitcoin soon saw a huge movement
On Monday, Bitcoin tried to break his reach to the novices, but it was not possible to maintain an area of USD 108,000–109,000 as a support for the fourth time in a month, retreating in a greater range.
Market Square observer Daan Crypto Trades noticed that this level of resistance remains The key area to view, adding that “without a pure break above, is not yet time for excitement.”
Nevertheless, the trader believes that BTC “is preparing for a large traffic” because the cryptocurrency still maintains its monthly range from 100,000 to 110,000 USD.
He assured that this range would break “at some point in June”, as well as the current weekly high and low, which “has a very low probability of maintenance” in the coming days.
Daan added that the break from these levels is highly possible in the next 1-2 weeks, probably leading to a huge traffic towards the break.
Sjuul analyst from Altcryptogems Highlighted The performance of the cryptographic market and investors’ fears among war -related headers, noting that bitcoins reacted in a similar formula in past geopolitical and cryptographic events.
According to the analyst, the uncertainty of global events led to mass liquidation and panic on the chain many times since 2020, which leads to 30-50% of the failure. However, the market regained these events after significant accumulation.
Here is the pattern: Substantial Event (Black Swan). Panic headlines. Keen BTC screenshot. Retail panic sells. Clever money buys. Time passes. Bitcoin goes to fresh ups.
On this basis, Sjuul forecasted a forceful Bitcoin pump and the fresh all time (ATH) after the current war tensions are completed.
BTC has key support in the midst of withdrawal
Meanwhile, Rekt Capital analyst emphasized The fact that Bitcoin will test its venerable high range as support for the last six weeks and shows stability of USD 104,400 during this period.
According to the analyst, as long as the weekly price is closed above this level, the candle is not “only noise” and is able to go to the second price.
He also noted that the cryptocurrency recorded only less than a 10% decrease during the last withdrawal. In addition, these depths of declines also decrease, and the first rejection caused a decrease of 7.72%, and the second immersion is 5.79% depth, while the current rejection caused 4.5% retrace.
Rekt Capital considers the strongest support between the area from 102,000 to 104,000 USD and the final level to the crack is a high resistance of USD 108,890.
“As long as this resistance does not reject too much price, maybe over time it becomes weaker,” he confirmed, stating that the weekly close to this level would be “a very strong sign of recovering this resistance in new support for the higher spray price.”
Since then, Bitcoin has been trading for USD 105,085, which is a 1.1% jump over the last hour.
A distinguished painting with unmplash.com, chart from tradingview.com
