Bitcoin Drops 1.7% to $104,220 Amid Geopolitical Tensions

Bitcoin's price experienced a significant dip overnight, falling below $105,000 before stabilizing as traders assessed the potential impacts of escalating geopolitical tensions and trade war uncertainties. The cryptocurrency briefly touched a low of $104,220 before recovering, with buying activity emerging at around $104,182, involving over 15,000 BTC traded during the recovery phase. This volatility was largely driven by the ongoing Israel-Iran conflict and the looming trade tensions, which have added pressure to risk assets globally.

The recent price action of Bitcoin has been relatively tight, with the cryptocurrency moving within a range of $2,090 from $104,220 to $106,135. The largest price movements occurred overnight in Asia trading, where Bitcoin briefly dipped below $104,200 before rebounding on high volume. The geopolitical tensions, particularly the Israel-Iran war and trade tensions between the U.S. and its key trading partners, have contributed to the overall market volatility. Despite these challenges, Bitcoin has shown resilience, with more than $1.1 billion in crypto liquidations recorded during the initial wave of conflict headlines.

Traders appear to be maintaining a bullish outlook in the medium term, as Bitcoin continues to hold a pattern of higher lows despite intraday fluctuations. Profit-taking near $106,000 has capped upside momentum, but support near $105,000 continues to attract buyers on dips. Market participants are closely monitoring this range, especially as safe-haven demand and risk sentiment remain closely linked. The broader structure suggests that Bitcoin is consolidating rather than reversing, and if support around $104,950 holds, the cryptocurrency may attempt another push above $106,200.

Technical analysis highlights that Bitcoin traded in a range of $2,090 from $104,182 to $106,272 over the past 24 hours. A key bounce occurred at $104,182 with 15,342 BTC traded during the recovery. Resistance formed near $106,200 amid consistent profit-taking, while a rising trendline of higher lows remains intact. Psychological support at $105,000 is holding for now, with the recent price range being $104,875 to $105,202 in the last hour. A sharp dip below $105,000 at 07:19 reversed quickly, with $105,200 acting as near-term resistance. The final 15-minute candles showed minor exhaustion, but volume patterns suggest accumulation on dips.