$BTC

Bitcoin is experiencing a significant downturn, with its price currently trading at around $104,995.14. This represents a 2.38% drop in the last 24 hours. Several factors are contributing to this decline ¹:

- *Market Volatility*: The crypto market is known for its volatility, and Bitcoin is no exception. Price swings can be triggered by various factors, including changes in investor sentiment, economic indicators, and global events.

- *Economic Data*: The release of U.S. economic data, such as higher-than-expected JOLTS job openings and robust ISM Services PMI, has led to concerns about potential interest rate hikes. This can negatively impact high-risk assets like cryptocurrencies.

- *Liquidations*: The crypto market saw significant liquidations, with $331 million worth of long positions liquidated in 24 hours. This can exacerbate price movements and contribute to market instability.

- *Technical Patterns*: Bitcoin broke below its upward channel, breaching critical support at $97,204. This shift in momentum has traders eyeing the $92,500 level as a potential demand zone.

*Key Support and Resistance Levels:*

- *Support Level*: $92,500 and $91,947

- *Resistance Level*: $96,080 and $98,856

*What's Next for Bitcoin?*

The Relative Strength Index (RSI) at 34.76 indicates oversold conditions, raising the possibility of a short-term rebound. However, sustained recovery depends on Bitcoin reclaiming $97,204 and breaking above resistance. If current trends continue, BTC could see further declines in the coming weeks, potentially dropping to $75,600 or lower