$BTC

Here's a breakdown of why Bitcoin's price is currently down:

1. Profit-Taking: After a significant price rally, many investors often sell some of their holdings to secure profits. This increased selling pressure can lead to a price decrease. This aligns with reports from earlier today noting profit-taking hitting major tokens after a strong week.

2. Market Sentiment and Uncertainty:

Mixed Sentiment: The overall feeling among investors might be shifting from strong bullishness to a more cautious or even bearish outlook.

Resistance Levels: Failure to break through key price ceilings can signal to traders that upward momentum is stalling, leading to selling. Bitcoin faced resistance around $105,000 recently.

3. Technical Factors:

Technical Indicators: Some traders use technical analysis tools (like RSI or MACD) which might be indicating that Bitcoin is overbought or signaling a potential downward