Amidst tensions in the Iran-Israel conflict, the cryptocurrency market experienced another daily pullback. Bitcoin (BTC), which has just recovered from Friday’s decline, has erased its recent profits, recording a 4.5% drop to $103,000 over the past 24 hours. However, some analysts believe the flagship code is preparing for a major move in the coming weeks.
Bitcoin could quickly see a massive movement
On Monday, Bitcoin tried to break the range since November, but was unable to hold the $108,000-$109,000 area as its fourth support in a month.
Market Watcher Daan Crypto Trades said this level of resistance remains an important area of viewing, adding, “Without the clean break above, it’s not yet a time to be excited.”
Nevertheless, traders believe BTC is “set for a big move” as cryptocurrencies continue to hold their monthly range between $100,000 and $110,000.
He claims the range will break “at some point in June,” with current weekly highs and lows “very unlikely to be held” in the coming days.
Dern added that breaks from these levels will be very possible in the next 1-2 weeks and likely will lead to a large movement in the direction of the break.
AltCryptogems analyst Sjuul highlighted the performance and investor concerns of Crypto Market in war-related headlines, noting that Bitcoin has responded in a similar pattern in past geopolitical and crypto-related events.
According to analysts, the uncertainty of global events has caused multiple panics since 2020, resulting in mass liquidation and on-chain panic, leading to 30%-50% crashes. However, the market recovered from these events after a significant accumulation.
The pattern is as follows: Big event (Black Swan). Panic headline. Sharp BTC dump. Retail Panic Sale. I buy smart money. Time will pass. Bitcoin hits a new high.
Based on this, Sjuul predicted a powerful Bitcoin pump and a new all-time high (ATH) once the current war tensions are over.
BTC holds important support in the pullback
Meanwhile, analyst Rekt Capital highlighted that Bitcoin has retested its old range as support for the past six weeks, showing stability at a level of $104,400 during this period.
As long as BTC prices exceed this level each week, the candle below it is “just a noise,” positioned to move to the second-price discovery uptrend.
He also pointed out that during the recent pullback, cryptocurrency only saw DIP of less than 10%. Furthermore, the depth of these drops has also decreased, with the first rejection causing a 7.72% drop and the second DIP at 5.79% depth, with a current rejection showing a retrace of 4.5% so far.
Rekt Capital believes the strongest support is between $102,000 and $104,000 area, with the final level being high resistance in the $108,890 range.
“Unless this resistance is rejecting prices too much, it may weaken over time,” he asserted, and concluded that weekly proximity above this level is “a very strong sign of reclamating this resistance into a higher support than a wooden board.”
At the time of this writing, Bitcoin has been trading at $105,085, a 1.1% jump over the past hour.
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