Last week, Bitcoin experienced a significant rally, reaching a price of $109,000. However, tensions between Israel and Iran have led to increased selling pressure and new challenges for the cryptocurrency.
Current Bitcoin Situation
Despite recent gains, Bitcoin is facing increased selling pressure. Bitfinex analysts noted that the situation in the Middle East is worsening the market conditions.
Analysis and Forecasts
Analysts have indicated that Bitcoin is at risk of falling below current levels, but it needs to hold above $102,000 for a potential recovery. Similar situations in the past usually led to rallies after aggressive sell-offs.
Key Levels for Bitcoin
A critical level for Bitcoin remains at $102,000-$104,000. If the cryptocurrency can hold above this zone, a recovery and even new all-time highs could be possible in the coming weeks.
Considering the current events and analysis, Bitcoin remains under pressure, but its ability to hold critical levels may lead to improvement in market conditions.
