Reasons for Bitcoin Price Drop and Possible Rebound Points

The current Bitcoin price is approximately $104,621, and the recent decline may be due to reduced investor demand, outflows from ETFs, and bearish divergence indicated by market technical indicators.

Technical analysis shows that the current support level is around $104,625; if broken, it may test $103,500 and $101,300.

Current Price

As of May 30, 2025, at 4:21 PM MDT, the Bitcoin price is approximately $104,621.

Reasons for Decline

Research indicates that the recent decline in Bitcoin price may be influenced by the following factors:

Reduced investor demand, especially after the price reached the historical high of over $111,000.

Significant outflows from Bitcoin ETFs, such as outflows of $358.65 million on May 29, ending a previous 10-day inflow trend.

Liquidation of a large number of long positions, with over $211.21 million in long Bitcoin positions liquidated in the past 24 hours.

Technical indicators showing bearish divergence, for example, the daily RSI dropping from 76 to 54, indicating weakness in the upward trend.

Possible Rebound Points

Evidence suggests that the key current support level for Bitcoin is around $104,625. If the price remains above this level, it may rebound to $105,750 or higher. However, if it breaks below $104,625, the next support levels may be at $103,500 and $101,300. It is important to note that cryptocurrency prices are highly volatile, and market sentiment and macroeconomic conditions may affect the actual rebound points.

Detailed Analysis Report

The following is a detailed analysis of the reasons behind the Bitcoin price drop and the possible rebound points, based on recent data and technical analysis, aiming to comprehensively cover all relevant information.

Market Overview

As of May 30, 2025, at 4:21 PM MDT, the Bitcoin price is $104,621. This price is based on reliable cryptocurrency price data and reflects the current market conditions. Recent price trends show that Bitcoin has retreated from the historical high of $111,560 on May 23, with significant price fluctuations over the past month, having dropped to $94,326 on May 5.