The crypto market just witnessed another wild 24 hours. Bitcoin faced a sharp rejection after attempting to break above an important resistance zone. After the failed breakout, the price dropped straight into a crucial buy zone, triggering liquidations across the market. In total, over $400 million worth of long positions were wiped out in just a day.
A major factor behind this recent market nervousness is the United States entering the ongoing conflict between Iran and Israel. Analysts believe that if the situation worsens further, it could negatively impact global financial markets — whether stocks or crypto — causing a sharper decline. With fears of a potential World War III rising, investors rushed to the safety of gold and the US dollar, while riskier assets like Bitcoin and cryptocurrencies saw heavy selloffs.
Additionally, in the recent FOMC meeting, interest rates were not cut as expected. This paused the market’s momentum and dampened the optimism for a quick recovery. A bull market might take a little longer to arrive.
Amid the current market uncertainty, investors are searching for a bullish spark to lift sentiment. Speculation is swirling about Bitcoin potentially surging to $200,000 or even $250,000 by the end of the year. In an interview with Coinpedia, Jetking, an Indian company accumulating Bitcoin from 2022 said, “We predict Bitcoin prices to be in the range of $ 140000-150000 by year end.”
Bitcoin Short-Term Price Action:
Bitcoin price briefly touched ₹101,000, then attempted a small recovery. However, overall market sentiment remains weak, with lower volumes compared to Friday. Experts are now closely watching the ₹100,000 support level — a crucial point that needs to hold to avoid a deeper correction.
It is struggling to break past the ₹102,600 resistance zone. A recovery is possible if Bitcoin manages to reclaim this level, but so far, that hasn’t happened. If the price fails to hold ₹100,000, another drop could follow, possibly with reduced trading volumes.
