Is Bitcoin Set for Another Pullback After Hitting $106K?

Bitcoin’s climb back to $106,000 has reignited hopes among bulls—but many analysts aren’t convinced the worst is over. According to CoinDesk (

), the recent rally was largely fueled by geopolitical tensions in the Middle East, specifically the ongoing confrontation between Iran and Israel. The spike in risk sentiment led to a temporary uptick in Bitcoin’s price, but technical indicators suggest that more volatility could follow.

The market’s initial reaction to the Iran–Israel conflict was mixed.

reported gold prices surging over 1% as a classic hedge, while Bitcoin dropped briefly before bouncing. This divergence has reignited the debate over Bitcoin’s role as a safe-haven asset, especially in times of global uncertainty.

While Bitcoin’s recovery to six-figure territory may seem promising on the surface, several market strategists are advising caution. Markus Thielen of

stated that the latest rejection at $106K could be interpreted as a failed breakout. He noted that unless Bitcoin breaks above $112K with momentum, a correction to the $100K–$101K support range seems likely.

John Glover, Chief Investment Officer at crypto lending platform

, presented an even more bearish short-term outlook. His view is that Bitcoin could fall as low as $88K–$93K before resuming a sustainable uptrend. These projections are consistent with prior pullback zones tracked in market cycles using tools like

, which visualize historical support and resistance levels across spot and futures markets.

Gold’s strong performance during the same period added fuel to the argument that Bitcoin still behaves like a high-beta tech stock rather than a stable hedge. According to

, institutional investors rotated into gold as tensions escalated, favoring traditional safety.

Despite this, Bitcoin’s long-term value narrative hasn’t weakened. Countries dealing with currency devaluation or capital controls continue turning to BTC. In some cases, central banks are even experimenting with tokenized gold and Bitcoin alternatives, as tracked by

. Still, in traditional markets, liquidity and risk appetite remain the dominant forces. This reinforces the need to analyze Bitcoin through both macroeconomic and behavioral lenses. Tools like

help provide that deeper look through data on dormant supply, spent output ratios, and exchange flows.

Price-wise, Bitcoin now faces a tough technical setup. If it fails to hold $103K, a quick return to $100K looks likely, and further weakness could drag it to $95K. Market data from

shows that buyers have historically stepped in near those zones, but lower highs could trigger another selloff wave. Conversely, if Bitcoin closes multiple days above $108K and clears $112K resistance, that would suggest a breakout and invalidate most short-term bearish setups. Funding rates on platforms like

and

can give early clues about trader bias during these moments.

Liquidity remains front and center. According to

, Bitcoin ETF inflows have cooled slightly in June. Institutional hesitation in the face of geopolitical uncertainty might be responsible. This softening of inflows tends to reduce upward pressure on BTC.

On the blockchain,

shows that large wallet addresses have reduced accumulation since June 10. While not a red flag by itself, it signals that big players may be waiting for confirmation before making their next move. Macro-wise, the Kobeissi Letter pointed out that Bitcoin has mirrored the Nasdaq’s performance in recent weeks, underscoring its correlation to risk-on sentiment. If equities continue to slide amid Fed uncertainty, Bitcoin could follow suit.

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