A significant drop in Bitcoin’s price, reaching a new low around $104,000, has been driven by the removal of over 208,980 BTC from exchanges. This withdrawal represents nearly 1% of the available supply, according to Santiment data. While this marks a notable decline, it is not reflected in market sentiment as many investors are choosing to hold their coins rather than sell. The recent drop comes after Bitcoin broke below $107k-$105k support levels, potentially opening the door for further losses. This selloff coincides with forced liquidations of leveraged positions, leading to a significant $436 million in long position liquidation within 48 hours. The Fear and Greed Index currently sits at 24, indicating continued market anxiety. Data suggests that this decline may be temporary as less coins on exchanges suggest fewer selling opportunities. Despite the sharp drop, some analysts remain optimistic, pointing to past corrections where Bitcoin rallied following significant drops. Key levels like $103.6k and $100,000 are currently being tested, while technical indicators point towards potential further declines before a recovery. 24 hours after the market dip, the broader crypto market dropped by 3.6%, to around $3.47 trillion in total value. Will bulls hold their ground, or will this downturn signal the beginning of a deeper bear market? This remains unclear.