The $104,000 level represents a battleground between bullish and bearish narratives. Technically, it anchors the current consolidation range, with repeated tests demonstrating its importance as support. Psychologically, it maintains the six-figure threshold that attracts retail attention and media coverage.
This level gained significance after serving as launchpad for previous rallies toward $108,000. Holding above $104,000 preserves the bullish higher-highs pattern, while failure could trigger stop-loss cascades. On-chain data shows substantial liquidity clustering around this price, amplifying its technical relevance.
Market structure depends on this support holding. A sustained break below could invalidate the bullish consolidation thesis, potentially triggering liquidations toward $100,000. Conversely, reclaiming $105,600 resistance would confirm strength and open path to new highs.
