Bitcoin (BTC) Surges Past $106K as Middle East Tensions Ease – What’s Next?
After a brief dip to $98,300, Bitcoin (BTC) staged a strong rebound, climbing to $106,000 as geopolitical tensions between Israel and Iran showed signs of cooling. The fragile ceasefire has injected cautious optimism into the market, but will BTC sustain its upward momentum?
U.S. Stocks Ignore Geopolitical Risks
While Bitcoin reacted to Middle East uncertainties, the S&P 500 shrugged off the conflict, surging nearly 1% and breaking past the 6,000 resistance level. If the rally holds, new all-time highs could be imminent—proving once again that global liquidity trumps geopolitical fears.
BTC’s Battle at $106K Resistance
Bitcoin’s sharp recovery saw it flip key resistance levels into support, briefly touching $106,000 before retracing. The rejection suggests a possible short-term pullback, giving the Stochastic RSI time to reset. However, if bulls defend the dip, another attempt at breaking $106K could be imminent.
Bullish Descending Channel in Play
On the daily chart, Bitcoin appears to be forming a bullish descending channel—a pattern that typically breaks upward. With the Stochastic RSI rising from oversold territory and the RSI hinting at a trend reversal, the next few days could be decisive.
Key Levels to Watch:
1- Support:$102,000 - $100,000
2- Resistance: $106,000 (breakout target)
Disclaimer: This analysis is for informational purposes only and not financial advice. Trade responsibly.
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