Is Bitcoin about to collapse? The $100,000 threshold is in jeopardy!

Bitcoin has been holding above $104,000 for the past six days, but demand has clearly shrunk, and the risk of breaking below $100,000 has surged. Its dominance has plummeted from 65% to less than 7%, with funds flowing wildly into altcoins, and the once strong market sentiment has evaporated in an instant.

Institutional buying has significantly decreased, with $86 million flowing out of ETFs, signaling increasing bearish risks in the market. Despite this, whales have been quietly entering the market, net buying over $30 million in the past 24 hours, desperately resisting selling pressure and propping up Bitcoin's last line of defense.

Retail investors are taking a cautious stance, especially as activity in the South Korean market has sharply declined, lacking the momentum for selling. Experts point out that retail investors usually only erupt at the end of a bull market, and perhaps we haven't reached that point yet this time.

Currently, whales and institutions are acting as guardians of Bitcoin's price, with a tug-of-war between bulls and bears continuing in the market. As the macroeconomy slowly warms up, the market in the second half of May may enter a true price discovery phase driven by them.

However, the warning remains: the market is still full of uncertainties, and any unexpected event could turn this rally around in an instant. Are you ready to face the storm?