#BTC is currently experiencing a bearish trend. Over the past 24 hours, BTC has decreased by 0.7%, and the candlestick charts reflect a noticeable downward movement. As seen in the provided chart, BTC peaked around $106,600 earlier on June 4th but has since declined, dropping to its current price of $105,414. This downward trajectory aligns with the short-term performance, where BTC has shown declines of 1.8% over the past 7 days and 3.7% over the past 14 days.

Technical indicators signal a cautious outlook for BTC, with some metrics pointing towards potential selling pressure. The Relative Strength Index (RSI) is likely approaching or in the oversold territory given the recent price drop, which could indicate a potential reversal if buying interest returns. Stochastics and the Commodity Channel Index (CCI) may also suggest bearish momentum in the short term, especially as the price has fallen below the $105,500 support level.

The moving averages present a mixed outlookโ€”short-term averages likely suggest selling due to the recent decline, whereas long-term averages indicate buying, supported by the 49.0% yearly gain and 27.4% increase over the past 60 days. Despite the recent downturn, the overall market sentiment for Bitcoin remains cautiously optimistic in the long term, given its strong performance over the past year.

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