Bitcoin's key support level is $105,696; falling below may signal a bear market

According to Hashkey News, Matrixport analyst Markus Thielen pointed out that it is still too early to determine whether Bitcoin will retrace to the 21-week moving average of $105,696; however, this level is an important trend reference point. If the price remains above this level, the overall market leans bullish; if it falls below this point, caution is warranted for potential bear market signals. Over the past three weeks, Bitcoin has experienced a pullback, although market sentiment remains relatively optimistic. In the short term, capital may flow back from highly volatile cryptocurrencies to Bitcoin, thus providing support for its price. However, investors still need to stay vigilant and manage risk exposure appropriately.