Bitcoin’s price began an ascending trajectory from the $108,500 mark. Currently, it’s trading above $110,500, supported by the 100 hourly Simple Moving Average. The BTC/USD pair also broke through a bearish trend line with resistance at $108,800, as per the hourly chart data from Kraken.

The pair is likely to continue its climb if it successfully breaks through the $112,000 resistance zone. After clearing the $108,500 resistance zone, Bitcoin’s price accelerated, crossing the $108,800 and $109,500 resistance levels.

Apart from this, a bearish trend line with resistance at $108,800 on the BTC/USD pair’s hourly chart was also breached. The bulls rallied the pair beyond the $110,000 resistance zone, paving the path towards the $112,000 mark.

Bitcoin’s price peaked at $112,000 and is currently consolidating gains. The cryptocurrency tested the 23.6% Fib retracement level of the upward swing from the $107,500 low to the $112,000 high.

Immediate resistance on the upside is projected near the $111,600 mark, with key resistances near the $112,000 and $112,500 thresholds. If the price closes above the $112,500 resistance, a further surge towards the $115,000 and potentially $116,000 levels can be anticipated. The ultimate target might be the $118,000 mark.

However, if Bitcoin fails to surpass the $112,000 resistance, a downward correction may be imminent. Immediate support is projected near the $110,800 mark, with major support near the $109,750 level or the 50% Fib retracement level of the upward swing from the $107,500 low to the $112,000 high.

Further support is near the $109,200 zone, with potential losses driving the price towards the $108,500 support in the short term. The significant support level is $107,500, below which a downward trend might persist.

Technical Indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.

Major Support Levels – $110,800, followed by $109,750.

Major Resistance Levels – $112,000 and $115,000.

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Bitcoin was seen pulling back below the $103,000 mark as traders adopted a risk-averse stance in light of the burgeoning conflict between Israel and Iran. Gold, on the other hand, was on an upward trend. Traders, it seems, were shifting from riskier investments to traditional safe havens amid the growing geopolitical unrest.

Israel’s attack on Iran, which triggered fears of a wider conflict, led Bitcoin bulls to pause and secure recent gains. This move punctured the momentum that cryptocurrencies had been enjoying over the past few weeks. If the geopolitical situation worsens, the market could see increased volatility and a dwindling appetite for high-risk assets like Bitcoin and altcoins.

Israel’s aggressive assault on Iran’s nuclear facilities and high-ranking military personnel, including the commander of the Islamic Revolutionary Guard Corps, signaled a decisive strike rather than a warning. Iran retaliated by launching 100 drones at Israel, with reports suggesting many were intercepted outside Israeli airspace. As global markets brace themselves for a potentially protracted and dangerous war, Iran’s Supreme Leader Khamenei promises “severe punishment”.

Despite being touted as a hedge during crises, Bitcoin’s recent plunge shows its susceptibility to overall market sentiment. The war-induced narrative has led to a shift in capital flows towards defensive assets, away from the risk-prone crypto sphere. With no signs of the situation de-escalating, traders might opt to remain on the sidelines or move towards cash and gold. The current narrative underscores that crypto doesn’t fare well in chaos unless it’s financial – military chaos is a different ball game altogether.

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Bitcoin demonstrated a commendable recovery wave that exceeded the $81,000 benchmark. Currently, it’s trading above $81,500 and the 100 hourly Simple Moving Average. However, a short-term bullish trend line support at $83,000 on the hourly chart of the BTC/USD pair (data from Kraken) was broken.

If Bitcoin manages to clear the $82,500 and $84,000 levels, it might trigger another increase. Despite a steady price above $78,000, BTC had to face resistance near $84,000 from the bears. After reaching a high of $84,200, the price adjusted to some gains, dipping below the $83,000 level.

In the event of a close above $85,000, Bitcoin’s price could skyrocket further, potentially testing the $86,500 resistance level. If gains continue, the price might even reach the $88,000 or $96,200 mark.

Should Bitcoin fail to surpass the $82,450 resistance zone, a new decline could be on the horizon. The first significant support level is near $79,600 or the 61.8% Fib retracement level of the upward move from the $76,818 low to the $84,200 high. If losses extend, the price might even reach the $77,000 support in the short-term, with the main support sitting at $76,500.

Technical indicators:

Hourly MACD – The MACD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 mark.
Major Support Levels – $80,500, followed by $79,600.
Major Resistance Levels – $82,450 and $84,000.

The post Bitcoin’s Market Stability: Is a Significant Rebound Imminent? appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.