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Bitcoin has fallen below its crucial support zone, triggering the anticipated sharp decline in price action.
Current price is retesting the broken support as resistance, hovering near the $106,800–$107,000 zone, a key pivot level for the short-term trend.
Reclaiming this level is critical for bulls to regain momentum and avoid further bearish pressure.
Failure to reclaim it could invite sellers, potentially driving the price toward the next support levels near $104,500 and even $102,000 if broader market weakness persists.
Recent volatility is influenced by macroeconomic factors, including shifting expectations for US Federal Reserve policy and fluctuations in the US Dollar Index.
Traders should watch volume closely, as weak buying interest around resistance may signal a deeper pullback ahead.