4 min readFollowing the US attack on Iran over the weekend, Bitcoin initially responded with a sharp drop, briefly breaking below the 100,000 level, the current range low on the daily chart. However, the move was short-lived. Price quickly pulled back within the boundaries of the range and closed the daily candle firmly back above 100,000.
Despite the initial risk-off reaction, Bitcoin has recovered back into its consolidation zone and is now printing a bullish daily candle. Attention now shifts to the 105,000 to 106,000 area, which marks the range EQ and the next major point of resistance on the daily chart.
If price fails to hold within the range and breaks lower again, the next major support to watch is the high time frame level near 96,000, marked as number 1. This area could become the key zone where bulls attempt to step in and defend the broader structure, particularly if geopolitical tensions continue to escalate.
From a daily perspective, the two most important levels right now are the range low at 100,000 and the range EQ zone between 105,000 and 106,000.
On the 4-hour chart, the recent move becomes more detailed. While the daily chart showed only a wick below support, the 4-hour chart reveals how close price came to the high time frame support zone between 96,000 and 97,000, marked as number 1. This could be viewed as a front-run of that level, as price bounced before directly touching it.
Currently, price is trading around 102,000, marked as number 2, which is acting as local resistance. This area now resembles a bearish retest of a former support zone. If Bitcoin fails to reclaim this level, we may see another push lower, increasing the probability of a deeper test of the 96,000 zone.
To regain strength, the 4-hour chart needs to see a confirmed reclaim of the 102,000 level. That would bring short-term structure back in line with the daily chart, signalling that bulls may still be in control. However, failure to reclaim it may pull the daily structure into a more bearish alignment.
With ongoing Middle East tensions continuing to drive global volatility, Bitcoin’s price action remains highly sensitive to headlines, and we’ll continue to monitor key levels and updates on a daily basis.
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