Bitcoin’s recent surge to $109,000 has been overshadowed by renewed conflict in the Middle East, with heightened tensions between Israel and Iran putting pressure on the market.
According to Bitfinex analysts, the resulting wave of selling has placed BTC in a vulnerable position, with a potential breakdown looming if support levels don’t hold.
The firm’s latest report notes that the current sell-off mirrors past capitulation events, which often preceded local bottoms. They believe Bitcoin must stay above the $102,000–$104,000 range to signal that the worst of the selling has been absorbed. A successful defense of this zone could pave the way for a bounce to $112,000 or even new all-time highs within two months.
Alphractal analysts, meanwhile, spotlight a different threshold. They argue that $98,300 is the line separating bullish continuation from deeper correction. If BTC holds above the realized price of short-term holders, sentiment remains positive. A break below that level, however, could shift the market toward a more bearish trajectory.
Both teams agree: BTC is nearing a critical decision point, with technical and psychological levels set to determine the direction of its next big move.
Spot Bitcoin ETFs recorded a massive influx of over $1 billion in a single day on Thursday, fueled by Bitcoin’s surge to a new all-time high above $118,000.
As Bitcoin breaks above $118,000, fresh macro and on-chain data suggest the rally may still be in its early innings.
Bitcoin’s surge to new all-time highs is playing out differently than previous rallies, according to a July 11 report by crypto research and investment firm Matrixport.
Bitcoin surged past $116,000 on July 11, marking a new all-time high amid intense market momentum.