#BTCPrediction Bitcoin slips below $104K as liquidations exceed $1 billion amid the Israel-Iran conflict. Is BTC set to retest $100K?
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The risk-on sentiment in the crypto market is weakening due to the recent Israeli attack on Iran. Amid escalating tensions, crypto market liquidations have surpassed $1 billion.
Bitcoin Price Analysis
On the 4-hour chart, Bitcoin recently reversed from the $110,266 resistance level, resulting in a correction of over 5% in the past three days. With the latest 4-hour candle closing below the 200-period EMA at $104,557, Bitcoin is testing a local support trendline.
Recent candles show lower price rejections, indicating that Bitcoin is struggling to hold above the critical trendline. BTC risks retesting the $101,763 support level, raising the probability of a drop toward the psychological $100,000 mark.
As bearish pressure builds, the MACD and signal lines have moved into negative territory, accompanied by a surge in bearish histogram bars on the daily chart. Thus, momentum indicators reveal a bearish bias, increasing the likelihood of a trendline breakdown.
However, a potential Morning Star pattern forming near critical support could trigger a bullish reversal, possibly pushing the price up to test the 100 EMA at $106,402.