Evaluation of Bitcoin's Value: Pullback Possibility Looms as Prospects for New ATH Fade

Bitcoin's rally towards its all-time high (ATH) of $111K appears to be losing strength, indicating possible consolidation or corrective movement. The inability to surpass the previous $110K high suggests a potential double-top pattern, a bearish reversal signal. Currently, Bitcoin is consolidating within a critical price range, with a fair value gap between $103K and $104K.

On the 4-hour chart, Bitcoin has failed to print a new higher high above $110K, indicating high selling pressure. Despite the dominance of aggressive selling pressure, the stable price action suggests that Bitcoin may be forming a strong base. If the current structure is maintained with continued absorption within the range, a bullish breakout could be on the horizon.