Bitcoin Setting Up For ‘Large Move’ Amid $103,000 Retest – Key Levels To Watch

The cryptocurrency market, including Bitcoin, experienced a pullback amidst Iran-Israel conflict tensions. Bitcoin dropped 4.5% to around $103,000, erasing recent gains after failing to break a key resistance level around $108,000-$109,000. Some analysts believe Bitcoin is poised for a significant move, potentially breaking its current monthly range of $100,000-$110,000 in June. Historical patterns suggest that Bitcoin often recovers from geopolitical event-induced panic selling, eventually reaching new all-time highs. Bitcoin has been retesting its old range high as support, showing stability around the $104,400 level. Analysts suggest that as long as Bitcoin holds above $104,400, it remains on track for a Second Price Discovery Uptrend. Recent pullbacks have been decreasing in depth, indicating potentially weakening resistance. A weekly close above $108,890 would signal a strong push higher for Bitcoin. Strong support lies between $102,000 and $104,000, reinforcing the potential for a rebound. Currently, Bitcoin is trading at $105,085, showing a slight recovery.