$BTC Bitcoin dropped below $102,000 on Thursday after multiple failed attempts to break past the $105,000 resistance. The decline comes amid weakening hopes for progress in the Russia-Ukraine peace talks, as key leaders including Presidents Putin and Trump are not expected to attend. Uncertainty surrounding Ukraine's participation and lack of top-level representation have further dimmed chances of a breakthrough. Any positive developments, however, could lift market sentiment and drive Bitcoin higher.

Bearish sentiment has grown, with BTC’s long-to-short ratio falling to 0.92, its lowest in over a month. Despite a recent $319 million inflow into U.S. spot Bitcoin ETFs, technical indicators like RSI and MACD suggest continued downside risk if resistance remains intact.