Analysis: $105,696 is a key support level for Bitcoin. If it falls below, be wary of bear market signals.

According to Matrixport analyst Markus Thielen, it's premature to predict whether Bitcoin will fall back to its 21-week moving average of $105,696 at this stage, but this level serves as a key trend indicator. If the price remains above it, the overall bullish trend is strong; if it falls below, be wary of bearish signals. Bitcoin has experienced a correction over the past three weeks, despite remaining positive market sentiment. In the short term, funds may flow back into Bitcoin from highly volatile altcoins, providing support for prices, but investors should remain cautious and limit their risk exposure.