Bitcoin is currently trading at $104,810, showing signs of consolidation after reaching a peak of $109,000 last week. The cryptocurrency has a 24-hour trading volume of $42.32 billion and a market capitalization of $2.07 trillion. Long-term holders are demonstrating strong conviction, with an average acquisition price of $24,639, while short-term holders are buying during price surges, indicating a bullish sentiment. However, recent data from CryptoQuant reveals that retail investor demand has dropped to -22%, the lowest in three years, which may limit the typical bullish cycle. Analysts suggest that Bitcoin's price is holding above key support levels at $103,600 but warn that a dip below $100,000 could negatively impact short-term trends. Technical analysis indicates that a breakout above $106,000 could lead to a rally back toward $109,000, but mixed signals from oscillators suggest caution as momentum appears to be waning.