Bitcoin saw intense volatility after US airstrikes on Iranian nuclear sites, briefly plunging to $98,974 for the first time in over a month before rebounding above $101,000 as markets stabilized. The sharp sell-off triggered widespread liquidations and erased billions from the broader crypto market, highlighting a panic sentiment among traders and investors.
Overall, the total cryptocurrency market with major altcoins took a significant hit in the last 24 hours.
As the crypto market is in a strong downtrend, Bitcoin is currently at $101,200 with a downside of 1.5% in the last 24 hours at the time of writing. For the present price action, the total market cap of Bitcoin reached $2.01 trillion, with a 24-hour trading volume of $49.66 billion.
In this overview, we will analyse the key technical levels and trend directions for Bitcoin to monitor in the upcoming trading sessions. The chart mentioned below is based on the 15-minute timeframe.
Bitcoin Chart Analysis & BTCUSD Price Action.
Bitcoin is currently trading at around $101,200. The first key support level is at $100,934. If the price falls below this level, the next support is at $99,020. A further decline could lead Bitcoin to drop to $98,129. These support levels are crucial, as breaking below them could trigger increased selling pressure and momentum toward a downtrend.
On the upside, the first resistance level is at $102,049, followed by higher levels at $102,941 and $103,952. If Bitcoin breaks above the initial resistance, it could help the coin achieve further gains toward the next resistance zones in the upcoming trading sessions. Monitoring these resistance levels will be important for traders seeking signs of renewed bullish momentum.
In Closing
After a recent downtrend, Bitcoin is showing signs of further downtrend to consolidation momentum amid ongoing geopolitical tensions and weakening technical strength. In the coming trading sessions, there is a higher likelihood of continued downside, especially if the price breaks through key support levels. If this happens, we could see a deeper correction, while a failure to break below support might result in a period of sideways movement rather than a strong recovery.
Traders should closely monitor these critical support and resistance levels when planning long or short positions, as price action around these zones will be crucial in determining the next move. Given the current bearish sentiment, combining these levels with moving averages can help identify more precise entry and exit points, improving risk management in this volatile environment.
