Bitcoin’s price has experienced a notable decline, dropping below the crucial threshold of $104,000 in recent hours. Trading at $104,360, BTC reflects a 3.10% drop over the past 24 hours, resulting in a market capitalization slide to $2.07 trillion. The price decline is accompanied by significant trading activity—a spike of 28.47% in volume reaching $67.97 billion, suggesting aggressive buying and selling behavior as the price broke below its support level. Analyzing Bitcoin’s past performance using a 7-day price chart reveals key technical zones to watch for: 1) The primary resistance level sits around $110,000 where BTC reached an all-time high on June 11 before facing heavy selling pressure; 2) A short-term support floor at $106,000 failed to hold during the recent price drop. This level could be a sign of recovery attempts; 3) The current price stands at $104,000 – a psychological and technical support level, though it dipped briefly below this region before stabilizing. 4) The next crucial downside zone is between $102,000 and $103,000, if sustained movement continues to fall, we could see further liquidations and extend the selloff. Short-term outlook suggests the sharp drop might be a consequence of a failed breakout attempt around the $110,000 mark and coincides with broader market volatility across exchanges. If BTC fails to reclaim $106,000 soon, we could see further downside testing. However, if bulls can secure support at $104,000, Bitcoin might consolidate with rising support levels. This information was gathered from Coindoo’s latest article on Bitcoin.