Bitcoin (BTC) is navigating turbulent waters as analysts warn of a potentially “choppy” few weeks, with a retest of range lows around $90,000–$92,000 possibly on the horizon.
After dropping 5.5% on Thursday to a low of $102,000, driven by geopolitical fears tied to the Iran-Israel conflict, Bitcoin has attempted to reclaim key support in the $104,000–$105,000 zone. However, the loss of the $108,000–$110,000 three-day range has fueled renewed bearish sentiment.
Market Still Reacting to Headlines
Crypto analyst Daan Crypto Trades pointed out that the market remains highly reactive to global headlines. He noted that BTC “took the liquidity above and below its local price range” and is now trading like a typical pre-summer, range-bound market.
“If bulls can’t hold the range high, we may have already seen the local top,” Daan warned, urging investors to be cautious. He added, “Breaking the current monthly high or low will likely set the trend for the rest of June.”
Double Top and CME Gaps Signal Further Downside
Meanwhile, Carl Runefelt (The Moon Show) identified a double top pattern forming on Bitcoin’s 4H chart. He warns that if BTC doesn’t bounce from its recently reclaimed descending resistance, the price may slip back to the mid-range and eventually retest the range lows.
Another trader, Merlijn The Trader, pointed to two unfilled CME gaps between $92,500 and $97,300, which could serve as BTC’s next destination if volatility persists. He also suggested the gaps could represent discount entry points for long-term investors.
“Bitcoin is repeating the structure of 2024,” he noted, implying that after retesting the descending resistance, BTC could resume its uptrend with a strong rally—similar to last year’s pattern following an all-time high breakout.
What’s Next for Bitcoin?
Despite the bearish short-term outlook, many traders remain bullish long-term, citing historical fractals and pattern repeats. If Bitcoin successfully reclaims the range high and holds it on higher timeframes, it could resume its upward trajectory. However, until then, analysts advise caution and warn against overtrading in the current volatile range environment.