Amid the Trump-Musk online feud, Bitcoin (BTC) has hovered within the mid-and-low areas of its local price range, hitting a one-month low near the $100,000 support. However, some analysts suggest that the cryptocurrency is preparing for the \u201creal\u201d price jump toward a new all-time high (ATH)<\/p>\n
Over the past 24 hours, Bitcoin experienced significant volatility<\/a> fueled by the online feud between US President Donald Trump and Tesla and X owner Elon Musk. The flagship crypto\u2019s price took a beating on Thursday afternoon after dropping by over 5% from the $105,000 level to the $100,000 support.<\/p>\n Before the pullback, BTC had been attempting to reclaim its local mid-range area after its recent performance. Notably, the cryptocurrency traded sideways following its ATH rally to $111,980, hovering between the $106,800 and $109,700 price range.<\/p>\n However, the cryptocurrency lost the key $106,800 support amid last week\u2019s market retracement, which saw Bitcoin drop to $102,000 over the weekend. Since then, BTC has been attempting to reclaim the current levels<\/a>.<\/p>\n After yesterday\u2019s drop, the largest cryptocurrency by market capitalization has surged 4.5%, climbing above the $104,000 level. Crypto trader Coinvo highlighted BTC\u2019s one-year chart, pointing to the similarly looking price action between 2024 and 2025.<\/p>\n According to the chart, Bitcoin recorded its first major pump after reclaiming its yearly opening level, consolidating within its new range for weeks before climbing to its Q1 2024 ATH.<\/p>\n This year, the cryptocurrency has had a similar performance, although delayed, having reclaimed the yearly opening range and surging to the first major price surge in May.<\/p>\n Similarly, analyst Alex Clay suggested<\/a> that Bitcoin is preparing for the \u201creal breakout\u201d following its retests of the range\u2019s mid-zone resistance in Q1 2025 and a \u201cfalse\u201d breakout last month.<\/p>\n To the analyst, \u201cWe grabbed the liquidity below the Broken Supply Zone. Now looking for a Real Breakout\u201d toward the $120,000 mark.<\/p>\n The Cryptonomist noted<\/a> that Bitcoin displays a 3-week bullish falling wedge formation, with the lower boundary sitting around the $101,000 level. Following the recent price drop, BTC bounced from that area, and could break out of the pattern if it reclaims the $105,000 barrier as support, targeting the $118,000-$120,000 levels.<\/p>\n Meanwhile, market watcher Daan Crypto Trades highlighted<\/a> that its price now trades at the mid-range again, near the Monthly opening price. To the trader, \u201cit\u2019s pretty safe to assume that these range high\/lows are good triggers for whatever larger trend follows,\u201d as BTC has been having a \u201crelatively large move early in the month.\u201d<\/p>\nBTC Price To Range For Two Weeks?<\/h2>\n