The analysis begins by noting Bitcoin's current breakdown below the 108,000 level, correlating this with ongoing stress in the repo market. Focusing on Bitcoin's weekly candles, two primary trendlines are identified as crucial support in the current bull market: an orange trendline and a green trendline. Key horizontal resistance levels are highlighted at 108,442 and 111,905, forming a congestion zone for Bitcoin throughout 2025. Bitcoin recently re-entered this zone at the year's start, briefly touched 112,000 over summer, consolidated, and then achieved an all-time high before falling back below 108,000. The green trendline, in place since the October 2023 Grayscale vs. SEC court case, is considered essential for Bitcoin to maintain its bull market structure. The orange trendline connects the 2024 summer low to the 2025 'liberation day' area, referencing a previous drop below 80,000. Subsequent support levels are projected at approximately 95,000-96,000 and 87,000. The analyst states that the continuation of the Bitcoin bull market hinges on these 95,000-96,000 and 87,000 levels holding, emphasizing that technical analysis aids in risk management rather than precise price prediction. Concurrently, the US Dollar Index (DXY) is observed on daily candles, having recently broken out above its 99.5 resistance level. This dollar strength is deemed bearish for TBL liquidity and risk markets. The discussion also touches on tightness in funding within the repo market, including the government shutdown's effect on the Treasury General Account (TGA) and its impact on broader liquidity, noting that the Fed's Reverse Repo Facility (RRP) is no longer a significant metric. The SOFR/IORB spread exceeding 4.22% (32 basis points above IOER, 22 basis points above emergency lending facilities) signals acute funding tightness due to dealer balance sheet inventory needing capital from the repo market.