Bitcoin Faces Pressure at $104,000 Amid Market Dynamics Shift

Bitcoin Price Dynamics:

Bitcoin's price is under pressure near key support levels, facing potential declines towards $102,000.
Bears have regained control as Bitcoin closed below the $107,000–$108,000 support zone, which now acts as resistance.
If downward momentum persists, Bitcoin may retrace to the $99,000–$101,000 range, a critical support area for potential buying interest.
A break above $107,000–$108,000 could indicate bullish strength and lead to renewed upward momentum.

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Market Insights:

The $102,000 zone is key for flushing out leveraged long positions, potentially paving the way for a sustainable bullish continuation.
A rebound may be fueled by a short squeeze if traders close short positions, increasing buying pressure.
A drop below $101,000 could signal deeper market weakness, though high-timeframe indicators suggest a potential rebound.
Currently, BTC is around $104,000, down over 3% in the last 24 hours with trading volume up by 79%.

Bitcoin