Crypto Market Analysis: Uncertainty Persists as Bitcoin Seeks $103K Support
Bitcoin has retreated below $103,000 following news of Israel’s airstrikes on Iran, though buying interest appears to be returning at lower levels, pushing prices near $106,000. However, increasing uncertainty in global markets threatens to cap potential rallies, industry experts warn. This overview examines key developments and technical levels across major cryptocurrencies.
Bitcoin searches for support near $103,000 amid rising global market uncertainty
Select altcoins showing signs of buyer interest at lower levels
Bitcoin (BTC)
The world’s largest cryptocurrency fell below $103,000 following news of Israel’s airstrikes on Iran, though some buying interest returned at lower levels, pushing the price near $106,000.
Tech analysis firm Material Indicators suggests Bitcoin’s bottom is unlikely to break below current levels, but sustainable upside movement may need to wait until after the next Federal Reserve meeting.
According to ETC Group head of research Andre Dragosch, Bitcoin historically recovers and often surpasses pre-event price levels within 50 days.
However, Bollinger Bands creator John Bollinger suggests Bitcoin may have completed three upward pushes after forming a “W-shaped” double bottom near $75,000, which could signal the end of the current trend.
If BTC falls below $100,000, the price could decline toward $92,000. Conversely, a move above $111,980 could signal resumption of the uptrend, potentially reaching $130,000.
Ethereum (ETH)
Ethereum has retreated below the $2,580 level—the 20-day EMA—following a failed breakout above $2,738.
The RSI dropping to the midpoint indicates balanced supply-demand at current levels. The crucial psychological barrier at $2,738 remains a key resistance zone.
Market participants will monitor if buyers can sustain a move above $2,879 to potentially reach $3,153. Alternatively, a break below $2,323 could take the pair to $2,111.
Cardano (ADA)
Despite testing resistance near the 50-day SMA ($0.72), Cardano remains bearish with declining momentum, breaking below key support levels.
ETC Group analysis shows Bitcoin historically recovers and often surpasses pre-event price levels within 50 days.
With bearish momentum dominating, technical indicators point toward further consolidation. A decisive bounce above the 50-day SMA could provide clarity on potential trend direction.
