Recently, the price movement of Bitcoin has attracted market follow. From a Technical Analysis perspective, the current market seems to be searching for a key support level.

Analysis shows that in the trend where Bitcoin rose from 98,200 to 123,200, the 61.8% retracement level is at 107,756. Meanwhile, the 5-period moving average on the monthly chart is currently around 107,480, while last month's monthly opening price was 107,580. These data convergence form a potential support area.

If Bitcoin continues to decline in the coming days, the range between 107,750 and 107,500 is likely to become a key position for a rebound. This prediction is also supported by the weekly chart. It has been observed that in the previous 6-week downtrend starting from May 23, Bitcoin fell from 111,980 to 98,500, a decline of approximately 12.3%. The current downtrend began from the high of 123,218 on the 14th of this month, and if it falls to 107,700, the decline will reach about 12.5%.

The similarity in the magnitude of these two declines further strengthens the view that 107,700 may become the bottom of this round of adjustment. Considering the above factors, investors should closely follow the price range of 107,500-107,750, as it could become an important support level for Bitcoin in the short term.

However, the market is ever-changing, and investors need to consider other factors when making decisions, such as market sentiment and the macroeconomic environment. At the same time, the high volatility of the cryptocurrency market also reminds us that any Technical Analysis should be approached with caution and not blindly followed.