Bitcoin price fell below $104,000 as it struggled to maintain momentum ahead of a significant options expiry event, often referred to as 'triple witching,' set to bring volatility across various financial markets. Despite an initial recovery attempt after the market opened, Bitcoin failed to hold its gains, fluctuating around its 21-day simple moving average. Analysts noted strong short positions among traders, indicating a cautious market sentiment. A record-setting $6.8 trillion worth of options related to stock indexes and ETFs are set to expire, raising concerns about potential market volatility. Nevertheless, a longer-term view offers optimism, with some analysts citing a bullish price target of $135,000 for Bitcoin, supported by key support levels and technical patterns. With consistent support observed in recent weeks and the positive sentiment from certain traders, there remains a belief that Bitcoin could still reach these higher price points in the near future.

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