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Geopolitical Tensions Spark Market Turmoil

The cryptocurrency market has suffered a significant blow, with over $1 billion in liquidations shaking investor confidence. The primary catalyst behind this volatility was a major geopolitical escalation, as Israel reportedly launched large-scale airstrikes on Iran, specifically targeting nuclear facilities. This development sent ripples through global financial markets, and digital assets were no exception.

#Bitcoin ($BTC ) fell sharply, dropping from a 24-hour high of $108,000 to approximately $104,000. Ethereum ($ETH ) experienced an even steeper decline, shedding around 9% to trade near $2,500. The heightened volatility caught many leveraged traders off guard, triggering a cascade of liquidations.

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Over $1 Billion in Liquidations Recorded

According to data from Coinglass, more than 247,000 traders were liquidated within a 24-hour period, amounting to a total of $1.14 billion in liquidations. The vast majority of these were long positions, with short liquidations accounting for just about $100 million.

The largest single liquidation occurred on Binance’s BTC/USDT trading pair, wiping out a $201.31 million position — a stark reminder of the risks associated with leveraged trading in highly volatile environments.

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Bitcoin (BTC) Technical Outlook

Despite the sharp decline, technical indicators suggest Bitcoin may not be on the verge of a complete breakdown — at least not yet.

BTC has retraced to the $103,600–$105,600 range, which aligns with the 0.382 and 0.618 Fibonacci retracement levels derived from a completed Bearish Cypher harmonic pattern. This area is known as a Potential Reversal Zone (PRZ), where buying interest may resurface.

Furthermore, Bitcoin has recently retested a falling wedge breakout trendline, which is currently holding as a support level. If this trendline continues to act as a floor, BTC could stabilize and potentially retest the $107,000–$108,000 resistance zone.

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Key Levels to Watch

The $103,000–$105,000 support region is now a critical battleground. A strong bounce from this zone would reinforce the bullish case and suggest a potential recovery. Conversely, if BTC breaks below this support and falls back under the wedge breakout line, it could invalidate the bullish structure, possibly leading to a deeper correction toward $100,000 or lower.

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Conclusion

The coming hours and days will be pivotal for Bitcoin and the broader cryptocurrency market. Traders and investors should closely monitor BTC’s behavior around the current support zone. Whether the market stabilizes or continues to unravel will largely depend on both technical developments and ongoing geopolitical dynamics.

#MarketPullback #BTCPrediction #Tradersleague #StrategyBTCPurchase