The prices of Bitcoin (BTC) crashed by almost 5% in the last 48 hours, with growing global tensions after an Israeli air raid on Iran on 12 June. While the financial markets responded to this news, Bitcoin’s prices fell to less than $ 103,000 before they experienced a modest rebound to climb in the $ 105,000 price band.
It is remarkable that the top market analyst Ali Martinez has noticed that the most important cryptocurrency must maintain a certain line of support to prevent an important correction based on the active trade channel.
$ 100,000 support key to Bitcoin Bull Challenge
In one X On June 13, Ali Martinez shared a technical analysis of Bitcoin’s price movement. The expert reveals that BTC has stylishly maintained a reach -bound movement since 2024 in the midst of large price increases and extensive market corrections.
In the past six months, Martinez’s analysis shows that Bitcoin has largely traded between $ 78,500 and $ 110,000, which determines multiple vital support and resistance levels within this corridor. During this period, the first cryptocurrency tested the upper limit five times famous while bouncing the lower limit four times.
After the most recent Bitcoin crash and the tendency to higher market volatility, especially with the potential of a full war in the Middle East, Martinez warns that it is crucial for Bitcoin Bulls to retain a price above the level of $ 100,000, which represents the next major support level in the market.
The analyst explains that in accordance with the price behavior within a fixed trade channel, a decisive closure below the price of $ 100,000 increases the chances for a price efficiency to the lower limit to $ 78,500. This situation offers a potential price evaluation of 25% for the current BTC companies.
On the other hand, maintaining the price promotion over $ 100,000 Bullish Momentum is intact and increases the chance of a retstand zone of $ 110,000, perhaps with the hope of a decisive price drop out outside the trade channel.
However, a breakdown of $ 100,000 would not necessarily cause an immediate correction of up to $ 78,500. The analysis of Martinez in particular appears that support levels can offer $ 92,000 and $ 86,000 Bitcoin bulls with sufficient opportunity to recover market control.
BTC price overview
At the time of writing, Bitcoin acts at $ 105,194 after a fall of 1.79% in the last 24 hours. In the meantime, the daily trading volume of the active has risen by 37.04%, which indicates a boost in market transactions and general commercial activities.
With a market capitalization of $ 2.07 trillion, Bitcoin remains the crypto market leader with an impressive dominance of 62.75%.
Related Reading: Bitcoin after ABCD pattern? Analyst sees path to $ 137,000
Featured image of Istock, graph of TradingView.com
Credit : www.newsbtc.com
