Long-term Bitcoin accumulation surges amid global tensions
Bitcoin surged to $110,000 just two days ago, reaching a notable distance of Allime High’s $112,000. However, following the growing geopolitical tensions, particularly the Israeli-Iran conflict, it sent the market into a state of risk-off volatility. The BTC was then raised to $104,000, down 7% from the local high, but price action remains prominent. Bitcoin continues to trade beyond key support levels, and the broader trend suggests that the Bulls may still have momentum.
The $112,000 zone is rarely a critical level of flips. A critical breakout there pushes BTC into price discovery, signaling the start of a new explosion phase throughout the crypto market. For now, the market is waiting for confirmation as Bitcoin integrates below resistance in a high-stakes environment.
Despite its volatility, the strong on-chain foundations keep investors’ feelings intact. According to encrypted CEO Ki Young Ju, the long-term holders have added 881,578 BTC to their wallets in the last 30 days. This is a huge wave of accumulation. This cohort is usually made up of more experienced investors and shows confidence in the medium to long-term trajectory of Bitcoin.
Global uncertainty continues to dominate the headlines, but combined with this aggressive long-term accumulation, Bitcoin’s ability to hold 104K levels suggests that any pullback could be short-lived. If the Bulls regain momentum and regain $110K, the next stop could be in unknown territory beyond the record high. The next few days may define the tempo for the remaining quarter.
BTC finds support after sharply refusing from $110,000 resistance
The four-hour Bitcoin chart revealed a sharp rejection from the $110K zone earlier this week, then dropped quickly to $104,000. Prices are currently slightly above the key support level of around $103,600. This is the zone that previously served as a launchpad in early June. The $109,300 resistance remains at a critical level that breaks down for a continuation to an all-time high, but up until then, this trend remains vulnerable to downside volatility.
Price action shows an increase in the volume of recent sales, indicating a growing response from investors to geopolitical tensions caused by the Israeli-Iran conflict. However, the bounce from the $103,600 level suggests that the Bulls are protecting the region, which will continue to serve as important structural support.
The SMAs for the 50, 100 and 200 periods are currently converging between $106,000 and $106,500, adding a confluence as a short-term resistance cluster. A clean break above the area allowed us to open the door for a $109,300 retest. However, if BTC cannot hold the $103,600 level, the market could revisit the $100,000 psychological mark.
Dall-E special images, TradingView chart