$BTC Bitcoin continues to struggle with determining direction amid growing macroeconomic risks and a noticeable deterioration in sentiment among retail investors. The asset fluctuates around $103,700 after a volatile 24-hour period, during which it briefly dropped below $103,400 before making a moderate recovery, according to technical analysis from Coin Desk Research. This price behavior reflects a troubling market backdrop shaped by both geopolitical tensions and uncertain monetary policy.

The current wave of pessimism among retail investors is unusually strong and, based on past patterns, could become a counterintuitive signal for a price rebound.

In April, Bitcoin rose shortly after similar levels of fear emerged, indicating that large investors often use periods of retail capitulation to accumulate at favorable prices.