🔥 $BTC at ~$104.7K — Consolidation Under Pressure Amid Geopolitical Risk

Bitcoin (BTC) is currently trading around $104,690, retreating from an intraday high of $108,376 and holding above a low of $103,081. Despite recent weakness, price remains within a critical $103K–$110K range.

📉 **What’s Causing the Pullback?**

Geopolitical Turbulence: Elevated global tension—especially the Israel‑Iran escalation—triggered risk-off sentiment, leading to a 2.7% Bitcoin drop, spilling into a sell-off in broader markets .

Risk Asset Rotation: The dip coincided with S&P 500 futures falling ~1.4% and gold’s safe‑haven bounce, suggesting short-term capital reallocation .

Liquidations Seen: Bitcoin’s overnight bottom near $103K reflects a shakeout in leveraged positions, who are now being cleansed from the market .

📊 Technical Setup & Key Levels

Support: Short-term bids forming between $104K–$103K; watch for a potential test of the $100K psychological floor.

Resistance: Overhead supply remains thick around $108K–$110K; a clean breakout with volume would signal renewed bullish dominance.

Indicators: RSI is slightly oversold, hinting at a possible rebound—if geopolitical pressures ease.

🔮 Outlook & Strategy

🟢 Bull Case: If BTC holds $103K–$104K and rebounds above $108K, it may retest $115K–$120K—continuing its ascent post‑all‑time highs.

🔴 Bear Case: A drop below $103K puts the $100K level in play, with macro data or renewed conflict acting as catalysts.

🛠 Trader Tip:

This is a short‑term pullback amid broader bullish structure. Look for reversal signals near $104K or a breakout above $108K with volume. Geo‑risk headlines will remain a key driver.

📌 Bottom line:

Bitcoin is digesting gains in a higher‑risk macro environment. While holds like $104K are encouraging, clarity hinges on geopolitical calm and institutional behavior.

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