The cryptomarkt just witnessed a new wild for 24 hours. Bitcoin was confronted with a sharp rejection after an attempt to break above an important resistance zone. After the failed outbreak, the price dropped directly in a crucial purchase zone, which activates liquidations on the market. In total, more than $ 400 million in long positions were wiped out in just one day.
An important factor behind this recent market is that the United States penetrates the continuous conflict between Iran and Israel. Analysts believe that if the situation deteriorates further, this can have a negative influence on global financial markets – or shares or crypto – cause a sharper decline. With the fear of a potential World War II, investors hurried to the safety of gold and the US dollar, while more risky assets such as Bitcoin and Cryptocurrencies saw heavy sale.
Moreover, the interest rates were not reduced as expected in the recent FOMC meeting. This paused the momentum of the market and dampened optimism for a quick recovery. A bull market can take a little longer to arrive.
In the midst of current market uncertainty, investors are looking for a bullish spark to lift the sentiment. Speculation swifts about Bitcoin, which may be up to $ 200,000 or even $ 250,000 by the end of the year. In an interview with Coinpedia, Jetking, an Indian company collected Bitcoin from 2022: “We predict that the prices of Bitcoin in the reach of $ 140000-150000 are towards the end of the year.”
Bitcoin in the short term price promotion:
Bitcoin price became £ 101,000 for a short time and then tried a small recovery. The general market sentiment, however, remains weak, with lower volumes compared to Friday. Experts now look closely at the support level of £ 100,000 – a crucial point that must retain to prevent a deeper correction.
It is struggling to break beyond the resistance zone of £ 102,600. A recovery is possible if Bitcoin manages to reclaim this level, but so far that has not happened. If the price does not contain £ 100,000, a different decrease could follow, possibly with reduced trade volumes.