**[Bitcoin Falls Below Key Support Level of $107,000, $101,000 Becomes Crucial Defense Zone]** After approximately 130 days of consolidation within the $107,000 to $123,000 range, Bitcoin recently lost the key support level of $107,000 and briefly dipped to $98,000, triggering widespread 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 liquidation event since June 2021. This wave of liquidations exacerbated the market downturn, forcing high-leverage traders to exit. However, after the price hit the $98,000 low, buying pressure quickly stepped in, pulling the price back to the critical $101,000 level. This level is not only a psychological threshold but also coincides with the bottom of the long-term ascending channel that has defined the bull market structure since October 2023. Analysts suggest that if bulls can hold the $101,000 level, this correction may be seen as a buying opportunity; however, if the daily close falls below this level, it could significantly impact the bull market structure and further increase the risk of a market pullback.