Bitcoin's price retraced to $105,250 after failing to surpass $109,000, raising concerns for a potential drop to $104,500 or even $100,000, as numerous support levels have faltered. Analysts note that while the upsloping moving averages hint at a potential bullish edge, the relative strength index (RSI) shows a lack of bullish momentum. A significant concern is that if Bitcoin fails to hold above the $104,500 level, it could slide further into the bearish descending triangle pattern. A rebound off current moving averages and a rise above the downtrend could lead to a challenge of the all-time high near $111,980. Bitcoin faces increased profit-booking pressure from short-term traders, which emphasizes the importance of the $104,500 support level in determining the direction of price movements.

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