Recently, the Bitcoin market is facing a key price resistance level. From the daily chart's trend, this level shows significant selling pressure, with multiple attempts to break through encountering strong resistance, ultimately being pushed back to its original position. This repeated game has drawn widespread attention from market participants.

It is worth noting that the price of Bitcoin has fallen below the previous upward trend line, which is often seen as an important turning signal. This breakthrough indicates that the upward momentum may have been exhausted, and the market may face downward pressure.

The current Relative Strength Index (RSI) is at a level of 42.74 and shows a slow downward trend. The RSI is still quite far from the oversold zone, indicating that even if a short-term rebound occurs, the overall trend may still lean towards a downward direction. Therefore, investors need to be cautious when considering bottom fishing.

Currently, the market's focus is on the 200-day exponential moving average, which is located around the 103,179 point. This moving average is typically regarded as an important indicator of long-term trends. If the Bitcoin price falls below this level, bulls may face greater pressure.

Technical analysis shows that the potential target range for this round of decline is between 100,720 and 100,419. This area has historically provided support multiple times and may again become a key defense level.

For holders, closely monitoring the performance of the 200-day moving average is crucial. If this key support is broken, it could trigger a deeper correction. In the current market environment, maintaining patience and caution is particularly important, as avoiding impulsive actions may reduce potential losses.

The price movement in the coming days will be decisive. Whether Bitcoin can hold its ground at the key support level will directly affect whether the market continues to decline or gradually stabilizes. Investors planning to enter or preparing to exit should closely monitor changes at these key price levels and make rational decisions based on the actual market situation.

In this uncertain market environment, it is particularly important to remain calm and conduct rational analysis. Investors need to comprehensively consider various factors such as technical aspects, fundamentals, and market sentiment to formulate investment strategies that suit themselves.