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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Setting Up For ‘Large Move’ Amid $103,000 Retest – Key Levels To Watch

Rubmar Garcia
Rubmar Garcia
3 hours ago
3 mins read
BTC, Bitcoin

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Created by industry experts and meticulously reviewed
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Ad discliamer

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Amid the tension in the Iran-Israel conflict, the cryptocurrency market experienced another daily pullback. Bitcoin (BTC), which had just recovered from Friday’s drop, erased its recent gains and recorded a 4.5% dip to the $103,000 mark in the past 24 hours. However, some analysts believe that the flagship crypto is preparing for a big move in the coming weeks.

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1 day ago

Bitcoin Could See Massive Move Soon

On Monday, Bitcoin attempted to break its post-November range high but failed to hold the $108,000-$109,000 area as support for the fourth time in a month, falling back into its larger range.

Market watcher Daan Crypto Trades noted that this resistance level remains a key area to watch, adding that “without a clean break above, it’s not the time to get excited just yet.”

Nonetheless, the trader considers that the BTC is “setting up for a large move” as the cryptocurrency continues to hold its monthly range between $100,000 and $110,000.

bitcoin
Monthly and Weekly levels to watch for BTC break. Source: Daan Crypto Trades

He asserted that this range will break “at some point in June,” as well as the current weekly high and low, which have “a very low probability of being held” in the coming days.

Daan added that a break from these levels is highly possible in the next 1-2 weeks, likely leading to a big move in the direction of the break.

Analyst Sjuul from AltCryptoGems highlighted the crypto market’s performance and investors’ concerns amid the war-related headlines, noting that Bitcoin reacted in a similar pattern during past geopolitical and crypto-related events.

According to the analyst, global events’ uncertainty has led to mass liquidation and on-chain panic multiple times since 2020, leading to 30%-50% crashes. However, the market has recovered from these events after significant accumulation.

Here’s the pattern: Big event (Black Swan). Panic headlines. Sharp BTC dump. Retail Panic sells. Smart money buys. Time passes. Bitcoin hits new highs.

Based on this, Sjuul forecasted a strong Bitcoin pump and a new all-time high (ATH) once the current war tensions are over.

BTC Holds Key Support Amid Pullback

Meanwhile, analyst Rekt Capital emphasized that Bitcoin has been retesting its old range high as support for the past six weeks and showing stability around the $104,400 level during this period.

According to the analyst, as long as BTC’s price Weekly Closes above this level, the candle wicks below it are “just noise” and it is positioned to transition into its Second Price Discovery Uptrend.

He also pointed out that the cryptocurrency has only seen a less than 10% dip during the recent pullbacks. Moreover, these drop depths have also been diminishing, with the first rejection producing a 7.72% drop and the second dip being 5.79% deep, while the current rejection has seen a 4.5% retrace so far.

Rekt Capital considers the strongest support to be between the $102,000-$104,000 area, and the final level to break is the range high resistance of $108,890.

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“As long as this resistance isn’t rejecting price too much, then maybe it’s getting weaker over time,” he affirmed, concluding that a weekly close above this level would be “a very strong sign for a reclaim of this resistance into new support to springboard price higher.”

As of this writing, Bitcoin is trading at $105,085, a 1.1% jump in the past hour.

Bitcoin, btc, btcusdt
Bitcoin’s performance in the one-week chart. Source: BTCUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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Rubmar Garcia
Rubmar Garcia

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

Read more

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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