The price of Bitcoin has fallen below the $104k level, indicating a potential support trendline breakdown and a retest of the $100k milestone. The decline in price has been caused by overwhelming supply and a bearish reversal. Bitcoin is currently testing a critical local support trendline and may experience a bullish recovery. However, the 4-hour RSI suggests increased selling pressure and the potential for further downside. BlackRock has accumulated a significant amount of Bitcoin, while other ETFs have experienced outflows. According to Fibonacci levels, a breakdown below the 38.20% level could lead to a retest of $100k, while a bullish reversal would face resistance at the 50% level with a target of $110,730.



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