According to ChainCatcher, amid increasing macroeconomic pressures, BTC has fallen from a high of $106,000 to below $103,000, followed by a slight rebound. Santiment reports that retail investor sentiment is currently at its most pessimistic level since the announcement of tariffs on Trump Liberation Day in early April. However, due to the exceptionally strong current wave of retail pessimism, this may signal a price rebound according to past patterns, as Bitcoin has often rebounded shortly after similar panic sentiments, with large investors frequently taking advantage of retail sell-offs to accumulate at more favorable prices. The Federal Reserve's recent decision to maintain interest rates has further exacerbated market pressures.
In the past month, the trading price of Bitcoin has remained in a relatively narrow range between $100,000 and $110,000. Meanwhile, on-chain indicators show that the number of open contracts on Binance is declining, indicating that derivative traders are continuing to deleverage, while whale wallets have been steadily accumulating since 2023, suggesting that despite short-term uncertainties, large holders are still accumulating.
