Bitcoin enters a consolidation phase after tensions in the Middle East rise in the morning, currently showing signs of stabilization at the 103,800 level. The 4-hour RSI is severely oversold and the price is far from the moving average system, indicating a strong demand for a rebound in the technical aspect. If the 102,600 support holds, the rebound target can be seen in the 104,500-105,000 range, and a breakout may further test the critical resistance at 106,000.
103,800 has become a dividing line for short-term bulls and bears; if it stabilizes, it may attract short-covering buying. Focus on the breakthrough situation at 104,200, which can serve as a confirmation signal for the continuation of the rebound. It is also necessary to closely monitor changes in the geopolitical situation; if market panic subsides, it will be beneficial for the continuation of the rebound.
Aggressive traders can enter long positions with a small amount at 103,800, strictly setting a stop loss at 102,500. Conservative investors are advised to wait for a confirmation breakout at 104,200 before entering on a pullback. It should be noted that the overall trend still leans bearish, and the 105,000-106,000 range can be considered for reversing into short positions. If the 102,600 support is broken, it may trigger a new round of decline.
