Bitcoin: Free fall or imminent recovery? The conflict in the Middle East shakes the market

After hitting a one-week low on Thursday, Bitcoin (BTC) is trying to reclaim the key area of $104,000-$105,000 as support, but some analysts have warned that a visit to the lows of its range could be in BTC's short-term future if volatility continues.

## Bitcoin will continue to perform erratically

On Thursday afternoon, Bitcoin fell by 5.5% to the support of $102,000 driven by news of the conflict between Iran and Israel. Amid the market pullback, the flagship cryptocurrency failed to maintain its three-day range of $108,000-$110,000, dropping to the mid-zone of its post-November breakout range.

It is worth noting that BTC had just recovered from testing the $100,000 level last week, reclaiming the key area of $106,800 as support earlier this week. Daan Crypto Trades pointed out that the cryptocurrency "saw a clear trigger in that test of the range high," driven by headlines of the turmoil in the Middle East, as it "remains a quite volatile market driven by headlines."