Bitcoin is currently trading near its 200-day Exponential Moving Average (EMA), a crucial technical indicator that often separates bullish from bearish market trends. Traders are watching closely to see if bulls can maintain this support level to avert a potential downturn. A breach of this level could lead to increased bearish sentiment, with some analysts speculating that $100,000 might emerge as a new support level in the event of a significant sell-off.