Date: Sun, June 22, 2025 | 07:33 PM GMT
The cryptocurrency market is experiencing a sharp correction as geopolitical tensions between Israel and Iran escalate with the involvement of the United States. Bitcoin (BTC), the market leader, has not been spared from the turmoil, pulling back by over 3% today and slipping below the key $100K mark — a drop from its recent monthly high near $110K.
But despite the bearish pressure, the charts reveal a potentially bullish technical pattern that may hint at a rebound.
Bull Flag and Pole in Play?
Zooming into the daily chart, BTC seems to be forming a classic bull flag and pole pattern — a continuation setup that often signals a pause before further upside. The “pole” was formed by the sharp rally in late May through early June, followed by the current descending consolidation forming the “flag.”
Today’s price action has pushed BTC right down to the descending support trendline near $98,600, which is a critical zone for bulls to defend. If this level holds, the pattern remains valid — and a breakout from the upper flag boundary could set the stage for a retest of the $108K level.
What’s Next for BTC?
- If bulls defend the $98,600 trendline, BTC could rally toward the descending resistance line near $108,000, potentially confirming the bull flag breakout and resuming the uptrend.
- If the support fails, however, the pattern would be invalidated. BTC could then slide further, with the next major support sitting around $94,000.
With volatility heightened due to ongoing global conflict and market uncertainty, traders should keep a close eye on daily candle closes around the $98K region for confirmation of the next move.
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