Bitcoin's price has faced downward pressure, falling below a significant support level. Geopolitical tensions in the Middle East are the main driver of this decline.
Geopolitical Factors and Impact on Price
Bitcoin's price dropped below the $102.8K support level as escalating tensions in the Middle East led to significant market uncertainty. Recent airstrikes by Israel on Iran have intensified sell-offs.
Technical Analysis of Bitcoin Chart
Technical analysis indicates some worrying signs suggesting further downside. Bitcoin printed three consecutive bearish candles, erasing earlier gains. An inverse head and shoulders pattern is forming on the daily chart, which is traditionally considered bullish, but a rebound from the lower support is needed for validation.
Future Prospects for Bitcoin
Current low levels of the RSI and overall reduced volume create an atmosphere of uncertainty. If BTC fails to hold above $100K, there is a risk of a new bearish trend forming. The upcoming weekly close is expected to have significant implications for the future trajectory of the Bitcoin price.
Expectations for Bitcoin's price movement remain under pressure from external factors, and upcoming trader actions could significantly define its prospects.
