The recent price fluctuations of Bitcoin have indeed troubled market participants. The expected support line of the converging triangle pattern was supposed to be respected, but after a wave of false bullish sentiment yesterday, the price still dipped below that line.

The current price is below the trend line, with $102,500 becoming a crucial price level. However, the market may still continue to test down to the area around $101,500. In this area, the 0.886 Fibonacci retracement level, the bullish order block on the 4-hour chart, and the potential confluence support from the trend line may drive the price back above $103,800, thereby ending the current adjustment.

As long as the price does not fall below the previous low, there is still a chance to create a new high. However, if the previous low is effectively broken, the price may further dip to the Fibonacci 1.618 extension level, which is in the range of 95,000 to 96,000 USD. If it develops to this point, the difficulty of breaking the previous high will significantly increase.

The current market is at a critical decision point, and investors need to closely monitor the performance of the aforementioned key price levels to determine the direction of short-term trends.