Bitcoin is currently trading at $102,518, experiencing a 1.3% decline in the past 24 hours. The trading data reveals a net outflow of approximately 405 BTC, indicating a slight selling pressure. Large sell orders totaling 4,374 BTC have outpaced large buy orders of 3,934 BTC, highlighting a bearish sentiment among larger investors.
Over the past five days, large inflows to the market initially showed strength with 358 BTC, but the most recent 24-hour period witnessed a sharp reversal, with a significant 400 BTC outflow. This suggests a shift from accumulation to profit-taking or defensive selling, possibly triggered by macroeconomic uncertainties.
Technical indicators provide a mixed outlook. The RSI stands around 50, indicating a neutral momentum without clear overbought or oversold conditions. However, the Stochastic RSI is elevated at 92, suggesting the asset might be due for a short-term pullback. The MACD shows a bearish divergence, further supporting the possibility of continued downside pressure.
Bitcoin’s key support is near $100,000, while resistance is at $105,000. Traders should monitor these levels closely, especially as broader macroeconomic events, such as the U.S. CPI report, could trigger further volatility.
