After hitting a week’s low on Thursday, Bitcoin (BTC) is trying to regain its key territory between $104,000 and $105,000 in support, but some analysts have warned that a visit to the low range could be BTC’s short-term future.
Bitcoin to continue choppy performance
On Thursday afternoon, Bitcoin fell 5.5% to $102,000 support, driven by news of the Iran-Israel conflict. Among the market pullbacks, the flagship cryptography failed to hold the three-day range of $108,000 to $110,000, falling into the mid-zone of breakout range since November.
Notably, BTC has just recovered from retesting last week at $100,000 levels, regaining key territory of $106,800 in support earlier this week. Daan Crypto Trades noted that Cryptocurrency “sees a clear trigger in retesting the scope of scope” driven by the headlines of Middle Eastern turmoil, as it is currently a very unstable and headline-driven market.
Bitcoin has adopted liquidity below the local price range, with analysts explaining, adding that “we are beginning to exchange like an already choppy (pre)summer environment.”
Despite the drop, analysts emphasized that the highest range is a key level of larger movements.
I think the range high is an important area that bulls hold. If not, I think there are cases where it is done to enter local highs and the market is further back within this range. At this point, I’m sure that if prices break either the current monthly high or low, they’re heading in that direction for the rest of June (and possibly beyond).
However, he suggested that investors were cautious until BTC prices convincingly surpassed the range and held it as support for a higher time frame. “Don’t cut yourself up in the coming weeks/months,” he warned.
Volatility can send BTC to a low range
The Analyst Carl Runefelt from The Moon Show highlighted the potential double-top patterns that form on BTC’s 4H chart. Note that this could further drop into the middle zone of the range if the price did not bounce off previous descending resistance recovered a week ago.
Analysis shows that if you lose midrange, BTC could risk retesting for reduced range. Similarly, market watcher Merlijn The Trader suggested that as the war narrative intensifies, Bitcoin can fill the lower CME gap.
BTC opened two CME gaps between the end of April and the beginning of May, located at the $92,500 and $97,300 levels, respectively. Nevertheless, traders believe this could serve as a discount input for investors, as BTC “leaving a high CME gap open”, indicating that a rebound to the level is likely.
Furthermore, he noted that Bitcoin displays the same structure as last year, which could suggest a massive rally brewing. In 2024, cryptocurrency was rejected from a few months of descending resistance after setting a high level of range following the all-time high (ATH) rally.
According to the post, after a liquidity grab, BTC escaped from the main downtrend line, being rejected from range and retested the downtrend in support before a new rally.
In 2025, Bitcoin appears to be following this path, and is currently retesting its descending resistance after the breakout. “If you know the patterns, you know what’s coming next,” he concluded.
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