<ul data-eligibleForWebStory="true"><li>Bitcoin's price reached $104,447 with minimal gains amidst geopolitical tensions in the Middle East.</li><li>BTC is facing a risk of prolonged correction below $100,000, linked to the military action between Israel and Iran.</li><li>The Estimated Leverage Ratio (ELR) dropped significantly, resembling levels seen during the 2021 China ban, indicating a bearish sentiment.</li><li>Traders are voluntarily closing their leverage positions, leading to a fall in BTC's open interest.</li><li>The ELR crash suggests heightened short-term volatility, but historically, it has presented long-term entry opportunities.</li><li>The ongoing Iran-Israel conflict may drive further Bitcoin price decline.</li><li>Bitcoin price struggles around the $100,000 support, forming a double top pattern that could lead to a continued correction.</li><li>A breach of the 20-day EMA could revive bullish momentum and challenge the $112,000 resistance for BTC.</li></ul>

Bitcoin Nears $100K as Leverage Ratio Echoes 2021 China Ban

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