Bitcoin has recently encountered resistance at an important price level, with the daily chart indicating significant selling pressure at this position. Multiple attempts to rise have been suppressed, and the red arrows on the chart highlight these key levels.

It is worth noting that Bitcoin has broken below the previous upward trend line, and this breakout may signal a weakening of upward momentum, potentially facing downward pressure in the future.

In terms of technical indicators, the Relative Strength Index ( RSI ) is currently at 42.74, still within a descending channel, and there is still a certain distance from the oversold area. This indicates that even if a brief rebound occurs, the overall trend may still lean towards downward, and investors should not rush to bottom fish.

The 200-day moving average has become a key support level in the current market, located near 103179 points. If Bitcoin falls below this level, the bulls will face a severe challenge.

The potential target range for this round of adjustment is between 100720 and 100419, an area that has provided support multiple times and may play a role again.

For holders, closely monitoring the 200-day moving average is crucial. If that support is broken, it may trigger a deeper correction. In the current market situation, blindly being bullish may carry significant risks; investors are advised to remain patient and wait for clearer market signals.

Overall, the recent upward momentum of Bitcoin seems to have lost steam. Whether it can hold at key support levels in the coming days will determine the market direction. Whether planning to enter or exit, it is essential to closely monitor the changes at these key price levels to avoid emotional trading. The current market situation is complex, and investors need to remain calm and rational.