After experiencing a 130-day consolidation range between $107,000 and $123,000, Bitcoin has fallen below the key support level of $107,000, with the price briefly dropping to $98,000, triggering a large-scale deleveraging in the futures market.

On-chain data shows that approximately $640 million in long positions were liquidated in the past 24 hours, marking the second-largest single-day long liquidation since June 2021. This wave of liquidations has intensified the downward trend, forcing highly leveraged traders to exit.

However, after hitting the $98,000 low, buying interest quickly stepped in, pushing the price back up to the critical $101,000 level. This level is not only a psychological barrier but also aligns perfectly with the long-term upward channel bottom that has defined the market's bull structure since October 2023.

The battle around the $101,000 mark is crucial. If the bulls manage to hold this level, the recent decline could be seen as a temporary correction, presenting a buying opportunity. But if the price fails to hold and closes below this level on the daily chart, it could significantly damage the bull market structure and further increase the risk of a market pullback.