Bitcoin experienced a sharp decline of 4%, dropping to $103,000 after reaching a weekly high of $110,653 on Monday. This drop coincided with escalating geopolitical tensions between Iran and Israel.
Overall Bitcoin Decline
Bitcoin dropped 4% over the day, falling to $103,000 after reaching a weekly high of $110,653 at the start of the week. This drop coincided with a downturn in global markets due to rising tensions between Iran and Israel.
Market Analysis
Analysts believe that the current decline is part of a normal market cycle. Since early June, Bitcoin has risen by 10%, and a 3.5% correction is expected. Analyst Axel Adler Jr. noted that this movement was driven by profit-taking at resistance levels and an increase in short positions, although overall funding remains positive.
Price Outlook for Bitcoin
Fractal analysis suggests a potential for a more significant price drop. Currently, Bitcoin has struggled to surpass its previous all-time high, and the relative strength index (RSI) has reached a resistance level of 60. A drop below $105,000 may confirm a bearish market configuration.
In the face of market instability, Bitcoin remains in a critical price zone. Investors are watching its behavior with hope that it may recover above $108,000, which could restore bullish momentum.
