Bitcoin Encounters Resistance at $106,000, Is a Crash Really Coming?

Recently, Bitcoin's performance has been like a roller coaster, causing investors' hearts to race with anxiety. It has managed to rebound 36% from the low of $74,500, and everyone thought it would keep soaring, but then it took a hard fall at the $106,000 hurdle.

Watching Bitcoin repeatedly attempt to break through $106,000 but failing to decisively do so has my heart in knots. It feels like an intense tug-of-war, with bulls and bears fighting fiercely, but it seems that the bears currently have the upper hand. Over 97% of holders are in profit, which should be a good thing, but it also makes me uneasy. A large number of profit-taking holders are like ticking time bombs, ready to cash out at any moment, potentially causing a sharp brake in Bitcoin's price and a significant correction.

Looking at the open contracts, the numbers are frighteningly high, reaching near historical highs. This indicates that the market's demand for Bitcoin futures contracts remains strong, but it also reminds me of that terrifying correction at the end of January, when it dropped nearly 16% in just seven days. Will history repeat itself? I am really scared.

From a technical analysis perspective, the area between $106,000 and $109,000 feels like an insurmountable wall, with bears guarding it fiercely. If Bitcoin bulls cannot establish a foothold here and turn $106,000 into a support level, then the price could potentially plummet to around $90,000.

What will Bitcoin do next? Will it continue to linger on the edge of a crash, or can it mount a comeback, break through the resistance, and start a new upward trend? I can only closely watch market dynamics and silently pray that Bitcoin can surprise me, rather than scare me.