$BTC Resistance and Weakened Bullish Momentum: Bitcoin has struggled to maintain levels above $108,000, facing resistance that has weakened its bullish momentum. It has dropped below key support levels like $106,000 and even briefly under $103,000.

* Broader Crypto Market Weakness: The downturn in Bitcoin is part of a wider trend affecting the entire cryptocurrency market, with major altcoins also exhibiting weakness.

* Technical Indicators: The Relative Strength Index (RSI) falling to the 50 midline and the Moving Average Convergence/Divergence (MACD) indicating a failed bullish reversal suggest that bearish momentum is gaining traction.

* Liquidations: Significant leveraged liquidations across crypto assets, with long positions accounting for the majority of losses, indicate a strong selling pressure.