Core Insights - Bitcoin reached $105,000 before retreating, sparking discussions among traders about the sustainability of the rally [1] - Morgan Stanley's strategist suggests that Bitcoin is in its "fall season," indicating a time for investors to secure profits [2][3] Group 1: Market Analysis - Morgan Stanley's Denny Galindo compares Bitcoin's market behavior to seasonal cycles, indicating a pattern of three up years followed by one down year [3] - The current market phase is described as "fall," a period for harvesting gains before a potential downturn [3] Group 2: Institutional Adoption - Institutional interest in Bitcoin remains robust despite market volatility, with some investors viewing it as a hedge against inflation [4] - U.S. spot Bitcoin ETFs manage over $137 billion, while Ether ETFs hold approximately $22.4 billion, indicating significant institutional investment [5] Group 3: Technical Analysis - Bitcoin is currently trading above the 0.382 Fibonacci retracement level near $105,000 and is testing a descending trendline resistance near $110,000 [7] - A decisive break above $110,000 could lead to targets in the $114,400–$116,200 range, with critical resistance identified between $106,600 and $109,800 [7]