Bitcoin’s price continues to draw attention from analysts and investors as it hovers near historical highs. Crypto analyst Egrag Crypto recently highlighted why a daily close above $104,674 is significant for the cryptocurrency, potentially signaling a sustained bull market. This threshold aligns with critical technical levels including the 21-day Exponential Moving Average (EMA) and the Fibonacci retracement level at 0.888. Egrag states that this break could signify strong bullish sentiment and indicate a path toward new all-time highs (ATH). However, Egrag also cautions about the possibility of a bearish retest if Bitcoin fails to maintain this upward momentum. A dip below $104,674 could trigger a temporary correction, potentially dropping Bitcoin’s price to the Fibonacci 0.618 level – a historic support zone that has often acted as a buffer during market pullbacks.