The price of Bitcoin has recently experienced a significant pullback, breaking below two key support levels. With Israel's military actions against Iran, the conditions for a market downturn seem to be in place. It is worth noting that at the high price of around $109,775, some investors chose shorting, and so far it has fallen by about $6,000, bringing substantial gains to those investors who made decisive decisions.
From the daily chart analysis, Bitcoin is likely to form an M-top pattern, with the position of 100800 dollars constituting a crucial support line. If the market falls below this point, the M-top pattern will be established, possibly triggering a spread of panic in the market, leading to a large number of investors liquidating their positions, and the price may further drop to the vicinity of 94000 dollars.
The current price remains at a relatively high level, and this round of fall is mainly influenced by negative news from geopolitical conflicts, which is driven by typical risk aversion sentiment. As long as the price can hold the key support at $100,800, capital is likely to flow back into the market after the market sentiment stabilizes. Therefore, the current price correction also provides a good entry opportunity for investors, who can patiently wait for the right time to go long or shorting. Some investors have already chosen to take partial profits at this position.
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The price of Bitcoin has recently experienced a significant pullback, breaking below two key support levels. With Israel's military actions against Iran, the conditions for a market downturn seem to be in place. It is worth noting that at the high price of around $109,775, some investors chose shorting, and so far it has fallen by about $6,000, bringing substantial gains to those investors who made decisive decisions.
From the daily chart analysis, Bitcoin is likely to form an M-top pattern, with the position of 100800 dollars constituting a crucial support line. If the market falls below this point, the M-top pattern will be established, possibly triggering a spread of panic in the market, leading to a large number of investors liquidating their positions, and the price may further drop to the vicinity of 94000 dollars.
The current price remains at a relatively high level, and this round of fall is mainly influenced by negative news from geopolitical conflicts, which is driven by typical risk aversion sentiment. As long as the price can hold the key support at $100,800, capital is likely to flow back into the market after the market sentiment stabilizes. Therefore, the current price correction also provides a good entry opportunity for investors, who can patiently wait for the right time to go long or shorting. Some investors have already chosen to take partial profits at this position.