BTC's decline continues

105000 becomes the next target

BTC has dropped from its recent high and has fallen by 16000 points so far. During this decline, there has been almost no rebound, except for a slight increase on the day the Federal Reserve announced its easing policy. After the announcement, ETH experienced a false breakout, surpassing its previous high, and BTC also rebounded by a few thousand points. However, this rebound is clearly a trap to lure in retail investors, a tactic employed by the main players. So, what will happen to BTC next?

Firstly, it is basically confirmed that 124500 is a significant peak, and it is unlikely to reach a new high above 124500 in the short term. The general direction from here is largely bearish. In extreme cases, it might head towards 70000. Of course, this 70000 is still quite far from us, and there's no need to get too caught up in it; we can focus on the present. Analyzing the recent decline in trading volume, we can see that the rebounds after declines have been minimal, indicating that the current price has not yet reached a level that the main players are willing to buy into. Therefore, a decent rebound is unlikely. Even though the price has already dropped to 108000, we have not seen any signs of the main players entering the market. So next, we need to see if the key support level at 105000 can hold. If it doesn't, we will have to look towards 98000.