The analyst reviews Bitcoin, noting a recent recovery with an expected move towards 104,000-106,000. Short term, the analyst expects a pullback to test lower levels. Technically, a strong bottom confirmation exists with support at the weekly trend and yearly rolling VWAP, including a triple drive. The analyst points that the fundamentals are still under pressure because of US treasury bond sales draining liquidity. The SOFR spread has normalized to October levels, but is still elevated and is volatility. The analyst highlights an imbalance at 101,800, seeing this as key and expecting a bearish push down to that level, giving then two possible scenarios: the first one as a retest to 101,000 to potentially 100,000; and the second, a reclaim above yesterday's value area high to rally into 105,500.