After the shocking weekend of $BTC , the long-short battle has entered a critical stage
The just-passed weekend saw Bitcoin experience a dramatic plunge, with prices crashing from around $103,000, breaching the psychological level of $100,000, and hitting a low of $98,600, marking a new low in nearly a month.
Ethereum was not spared either, falling from a high of $2,310 to around $2,100.
The trigger for this wave of collapse was the sudden escalation of the situation in the Middle East—U.S. military intervention in Iran’s nuclear facilities led to a surge in global market risk aversion, which in turn spiked oil prices and caused panic selling that left a significant hole in the cryptocurrency market.
However, Bitcoin demonstrated resilience, quickly rebounding after the plunge and currently stabilizing around $101,000.
From the market perspective, the four-hour chart shows a long lower shadow, indicating that bulls are aggressively buying near $98,000, but a significant amount of trapped positions has accumulated in the $102,000 to $103,000 range, resembling a high-pressure wall.
Currently, both bulls and bears are holding their cards close: if the price can hold above $102,000 and break through the strong daily resistance at $103,500, it could likely trigger a V-shaped reversal; however, if it falls below the $97,000 support, the next stop could be $95,000 or even lower.
While short-term trends are tense, there are several signals worth noting:
Geopolitical black swan effects are still lingering: any slight movement in the Middle East could lead to significant market fluctuations, especially if oil prices surge past $130, which may trigger more intense selling.
Institutional currents are stirring: during the collapse, giants like BlackRock seized the opportunity to scoop up, with over $400 million in single-day bottom fishing, indicating that large funds still hold a positive outlook on the medium to long-term logic;
Technical repair demand: MACD and RSI indicators show short-term overselling, with rebound momentum building, but insufficient volume remains a hard constraint.
Remember, the market now is like walking a tightrope, better to miss out than to stubbornly endure a one-sided market.
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