Bitcoin ( $BTC ) is currently trading at $105,748, reflecting a notable dip from its recent peak of $111,970 earlier this week. This pullback aligns with heightened market volatility, driven by recent global developments and on-chain activity. On May 29, U.S. spot Bitcoin ETFs saw a net outflow of $359 million, ending a 10-day inflow streak that had brought in $4.53 billion, signaling a shift in institutional sentiment. Meanwhile, the crypto market experienced $345 million in liquidations over the past hour, with a $100 million Bitcoin whale position wiped out as $BTC fell below $105,000, underscoring the intense pressure on leveraged traders.

Despite the downturn, long-term indicators remain bullish. Analysts note that Bitcoin’s price action mirrors the expansion of global M2 money supply, a trend that has historically supported upward momentum. Standard Chartered recently forecasted BTC could reach $200,000 by the end of 2025, driven by macroeconomic factors like growing sovereign debt risks. Additionally, wallets holding 100–1,000 $BTC have accumulated 122,330 coins over the past six weeks, reflecting strong whale confidence.

However, short-term risks persist. On-chain data shows profit-taking at a three-month high, and a bearish divergence in momentum indicators suggests a potential further drop to $100,000 if support at $103,200 fails. The recent U.S. court ruling striking down Trump-era tariffs, alongside China’s renewed ban on Bitcoin ownership, has added to market uncertainty, with the 10-year Treasury yield rising above 4.50% as a potential headwind for risk assets.

Outlook: $BTC’s immediate support lies at $103,200, with resistance near $108,800. A break above $110,000 could reignite bullish momentum toward $114,000, as predicted by some analysts. Traders should remain cautious amid ongoing geopolitical and market shifts, balancing the long-term bullish case with short-term volatility risks.#Bitcoin #Crypto #MarketAnalysis