#IsraelIranConflict Nice bounce thus far and lack of follow-through lower," well-followed crypto trader Skew said in a Friday X post. Market participants will likely remain cautious through the weekend with BTC tightly correlated with traditional markets amid heightened geopolitical risks, Skew added.

On the longer timeframe, some analysts see risks of a deeper pullback.

10x Research founder Markus Thielen noted that BTC's drop below $106,000 translates to a failed breakout, and traders should wait for more favorable setups before rushing to buy the dip.