MEXICO CITY – Bitcoin triggered a sell-off Tuesday after hitting $103,400, falling nearly 4% during late New York trading hours amid heightened tensions over the Iran-Israel conflict following remarks from U.S. President Donald Trump.

Despite the sharp pullback, market participants maintained bearish sentiment on deeper corrections, suggesting institutional accumulation continues above $106,000.

Key support remains at $100,000

Despite volatility around $104,400, Bitcoin maintains firm footing above the significant $100,000 psychological barrier established May 8. This critical level, which prevented a test since reclaiming the threshold earlier in the month, has become the primary catalyst for technical analysis.

BTC/USD four-hour chart analysis. Source: Michael van de Poppe

“The [$106,000] level rejection positions BTC to drop lower to clear the $100,000-$103,000 cluster,” said MN Capital founder Michael van de Poppe.

“The second region [sub-$100K] which I find less likely,” according to Poppe, who also shared analysis highlighting the critical four-hour chart pattern.

BTC/USD daily chart analysis. Source: CrypNuevo

“All we need is this support level to hold, and to flip $106,000 into support to push the price higher,” currency strategist CrypNuevo noted regarding current chart positioning.

“Failure to hold would see traders hunt for entry positions below $100,000,” confirmed market analysts, adding the psychological barrier remains influential for sentiment assessment.

Liquidity concentrations above $106,000

Market data from CoinGlass indicates increasing ask orders clustering between $105,000 and $109,000, with significant bid pressures at the $105,000 level.

Bitcoin liquidation heatmap. Source: CoinGlass

Recent data shows ask orders worth $70 million accumulating at the $106,500 price point. The broader liquidation heatmap reveals increasing bid concentration at $109,000-$110,000, which could serve as resistance or forced-penetration zone.

Bulls anticipate potential upside consolidation as buyers collect liquidity above $106,000, while cautious bears monitor accumulation patterns for potential short-covering scenarios should price break through key psychological thresholds.