Bitcoin has corrected and failed to sustain its rally above $100K, with the price currently struggling to break back above that level. There is a possibility of a deeper continuation below $90K and towards $80K if the price fails to surpass $100K. On the 4-hour timeframe, Bitcoin has broken a descending channel pattern, which could indicate a reversal. The $100K resistance level has held and pushed the price lower, suggesting a potential drop towards $90K in the short term. However, analyzing on-chain metrics, such as the long-term holder SOPR metric, suggests that long-term holders' selling pressure is currently insufficient to overwhelm the market. This implies that the price could still rally higher in the coming weeks.



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