$BTC
š¢ Bitcoin's Current Downtrend: What's Behind the Decline? šš„
Bitcoin's current price is $102,078.16, with a 1.81% decrease over the last 24 hours. Several factors contribute to the downtrend:
š Geopolitical Tensions:
Ongoing Russia-Ukraine tensions impact the market.
š Market Volatility:
Repeated rejections at the $105,000 resistance level lead to declining investor confidence.
š Risk-Off Sentiment:
US-China trade tensions make investors cautious.
Analysts predict a potential drop to $100,000 due to Bitcoin's wedge pattern and market structure. Despite the downtrend, some remain bullish on Bitcoin's long-term prospects, citing the launch of Bitcoin ETFs and increased adoption.
The market's future direction depends on various factors, including geopolitical developments and investor sentiment. As the market continues to evolve, staying informed and adapting to changes is crucial for investors.