The cryptocurrency market is showing signs of recovery following a recent sharp pullback caused by rising tensions between Israel and Iran. Bitcoin is finding its way back up.
Signs of Market Recovery
After a sharp drop to the $102,000 zone on June 14, Bitcoin (BTC) has started a slow recovery. Currently, Bitcoin's price hovers around $105,226, indicating positive changes in the market.
Harmonic Pattern Indicates Possible Rise
A closer inspection of the 1-hour chart reveals a formed Bearish Bat harmonic pattern, which is typically seen as bullish until it reaches its completion point. This pattern is known for indicating potential reversal zones at Fibonacci levels. Currently, BTC is completing the final leg of the Bat pattern, with a projected target between $109,512 and $110,382, where the pattern traditionally completes and short-term pullbacks may occur.
Bitcoin's Outlook Amid Global Tensions
The coming sessions will be pivotal. If BTC continues its march toward the $110K zone, the pattern will gain credibility among traders. However, ongoing geopolitical tensions may disrupt this momentum if risk appetite declines in the market. Traders are advised to remain alert to macro changes alongside technical signals.
Bitcoin shows signs of recovery amid global economic factors. The current market conditions require careful analysis for informed trading decisions.