Bitcoin Dominance Breaks Previous High As MidEast Conflict Escalates - Altcoins Under Pressure | Bitcoinist.com
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Bitcoin has officially lost the $103,600 support level following shocking geopolitical developments. The US military reportedly launched attacks on Iran’s nuclear facilities, triggering widespread panic and risk-off behavior across financial markets. The crypto space was no exception. Bitcoin, which had been holding above key support for weeks, rapidly sold off as fear gripped traders and investors alike.
This breakdown marks a shift in sentiment. Bulls have lost control of short-term momentum, and the broader market now braces for a potential drop below the critical $100,000 psychological level. With no immediate signs of relief, selling pressure may persist unless strong demand emerges near range lows.
Top analyst Carl Runefelt pointed out that Bitcoin Dominance (BTC.D) has just surpassed its previous high, indicating that while Bitcoin bleeds, altcoins are under even more pressure. This capital concentration in Bitcoin could be interpreted as a flight to relative safety within the crypto ecosystem, but it also highlights growing uncertainty and lack of confidence in higher-risk tokens.
Bitcoin is at a critical juncture as it flirts with a breakdown below the psychological $100,000 mark. After weeks of holding above this level, the market is beginning to show signs of fatigue. Yet, despite the selling pressure, bulls have managed to defend the $100K threshold for now, suggesting it may be forming a new base of support. A sustained hold above this level could trigger a sharp recovery, potentially reigniting momentum toward previous highs.
However, the macroeconomic backdrop remains highly volatile. Rising US Treasury yields continue to tighten liquidity conditions, while the Federal Reserve’s decision to hold interest rates adds further uncertainty. Meanwhile, escalating conflicts in the Middle East, including the recent US attack on Iranian nuclear facilities, have injected fear across global markets. Bitcoin has historically responded to geopolitical risk with mixed behavior—sometimes acting as a safe haven, other times following broader market risk aversion.
Adding to the complexity, Carl Runefelt recently noted that Bitcoin Dominance has just broken above its previous high. This signals that capital is concentrating on Bitcoin, while altcoins suffer heavier losses. The shift reflects growing caution in the market, with investors opting for perceived relative safety over speculative risk. Whether this capital rotation will eventually fuel another leg up for Bitcoin—or mark the start of a broader downtrend—remains to be seen in the coming days.
Bitcoin has now been trading above the $100K level since early June, indicating that the price may be attempting to stabilize around this range. Yet failure to reclaim the all-time high near $112,000 continues to cap bullish momentum. If bears force a breakdown below $100K, the next support may not emerge until the $94K–$95K zone.
Bitcoin is currently trading at $102,506, hovering just above the key support zone at $100,000. The chart shows BTC failing multiple times to break through the $109,300 resistance level, resulting in a gradual decline and increased selling pressure. The $103,600 area—which previously acted as support—has now been lost, confirming weakness in short-term bullish momentum.
On the 3-day chart, price remains above all major moving averages, including the 50, 100, and 200 SMAs, signaling that the macro trend is still intact. However, volume has been decreasing as the price consolidates, suggesting hesitation among market participants. A decisive move—either a bounce from $100K or a breakdown below it—could set the tone for the next phase of Bitcoin’s trend.
The price action suggests that BTC is forming a new local range between $100,000 and $109,000. If the bulls manage to hold $100K and push back above $103,600 in the coming sessions, a retest of the range highs may follow. On the flip side, a sustained move below $100K could open the door for a sharper correction toward $95,000 or even $92,000 in the short term. Market watchers are closely monitoring this level as the battle between bulls and bears intensifies.
Featured image from Dall-E, chart from TradingView
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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies. As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community. To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology. Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance. Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.
