Bitcoin's Latest Market Analysis

The recent escalation of the situation in the Middle East has triggered a surge in risk - aversion sentiment across global financial markets. As a risk - on asset, Bitcoin has faced certain selling pressure in a market environment dominated by risk - off sentiment.

From a technical chart perspective, Bitcoin has made multiple attempts to break through the key resistance range of $108,800 - $110,000 in the recent period, but has encountered significant selling pressure each time. On the other hand, the area between $105,000 - $103,000 forms an important support zone. When the price drops to this area, it attracts some bargain - hunting capital inflows, which provides a certain degree of support for the price.

The price of Bitcoin is expected to fluctuate within a relatively narrow range. If it can hold the key support level of $105,000 and the bulls can regain strength, the price is likely to rebound to the range of $106,000 - $108,000. However, if the $105,000 support level is effectively breached, it may trigger additional selling pressure, potentially driving the price down further to $103,000. In extreme cases, if market panic sentiment spreads further, it may test the psychological threshold of $100,000.
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