Bitcoin consolidates below $105K as geopolitical optimism and potential US-Iran deal fuel market repricing and breakout pressure.
Market eyes breakout toward $107K as double bottom pattern forms, with $105K acting as critical resistance amid renewed bullish sentiment.
Volatility expected to spike with FOMC and Powell’s speech, while volume surges signal growing confidence among retail and institutional buyers.
The crypto market is entering a phase as momentum shifts sharply amid renewed geopolitical optimism. Doctor Profit, a prominent market analyst, emphasizes a major sentiment pivot—from total despair to fresh hopes surrounding a potential US-Iran agreement. This shift is already triggering market repricing. According to him, traders ignoring this setup risk missing a major leg higher. He notes that shorts will likely get squeezed violently if this momentum continues. The price action confirms this outlook, with Bitcoin testing key resistance levels as volatility rises.
Consolidation Around $105K Sparks Tension
Bitcoin currently trades near $104,782, showing signs of forming a tiny double bottom pattern. This technical structure could pave the way for a move toward the $107,000 zone. However, Bitcoin must first break above the critical $105,000 psychological barrier. The asset recently topped out at $111,980—its all-time high—before pulling back. Besides that, the previous high of $109,588 now acts as a major resistance zone.
Souce: Umair Crypto
The chart shows Bitcoin moving within a tight range between $101,707 and $104,782. Multiple horizontal levels outline this consolidation structure. Additionally, moving averages signal indecision, with prices interacting at key technical cross-points. Momentum indicators show the Relative Strength Index (RSI) fluctuating between neutral and oversold levels, confirming sideways movement.
FOMC and Powell’s Speech Add Volatility
Moreover, all eyes now shift to the upcoming FOMC announcement. Doctor Profit highlights that a rate cut is highly unlikely today. Market consensus agrees, with a 99% chance of no change in interest rates. However, the real volatility will likely emerge during Jerome Powell’s speech. Consequently, traders are advised to watch closely. Understanding how markets react in real time can offer a major edge.
Volume analysis supports the bullish thesis, with trading spikes seen during major price movements. These surges reflect strong participation by institutional and retail players. Additionally, chart patterns show rejection at resistance followed by brief consolidation phases. This suggests buyers are preparing for another breakout attempt.
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