Bitcoin price, after having confronted a constant excess pressure, dropped under the crucial support of $ 102.8k when the escalating tensions in the middle -east caused enormous uncertainty within the markets. The recent air strikes of Israel on Iran have created geopolitical pressure, which has intensified the sale. In the meantime, the BTC prize and the entire market have witnessed countless pressure as it in the recent past and therefore it is assumed that they resist the continuous sale and overcome soon.
The cryptem markets witnessed more than $ 1.1 billion in liquidations, while the S&P 500 futures fell 1.9% and crude oil and gold rose. In the meantime, the BTC graphic pattern from a technical point of view shows some worrying patterns that point to more disadvantage. The token printed 3 consecutive daily bearish candles and wiped out the win earlier this week. With this, token has reached a crucial level where a rebound could cause a strong revival, while a withdrawal can cause some worries.
The daily graph of Bitcoin shows the formation of a reverse head and shoulder pattern, which is largely considered bullish. However, to validate the price, it is required to activate a rebound of the lower support and to rise along the curve to reach the neckline with around $ 110,500. If this happens, the price is more likely to break the neckline and form a new ATH. However, the technicians suggest a diverse price promotion that shows the possibility of a pullback while the volume continues to fall.
The CMF has fallen under 0, which suggests an outflow of money or sale, while the RSI retains a steep falling trend. With this, the RSI has achieved rising support, and therefore a drop under the levels can initiate a fresh bearish trend, which means that the price is lower. To prevent excess drain, probably almost $ 100k or lower, a daily close to the current levels is required, which can hinder the momentum of bears and ultimately offer space for a consolidated rising trend.
That is why the coming weekly closure can have a huge impact on the next Bitcoin (BTC) price rally.