Analysis of Bitcoin Price: BTC is Nearing a Pivotal Stage Amidst Growing Bearish Momentum

Bitcoin, currently valued around $102.6k, is in a crucial phase with weakening bullish momentum and growing macroeconomic uncertainties. Despite volatility, the cryptocurrency continues to respect key structural levels. Technical analysis reveals that BTC is responding to the 0.5 Fib retracement at $100.3k, but remains below both the 100-day and 200-day moving averages, indicating a broader downward trend. The recent rally failed to breach the $106,000 resistance, and if momentum wanes, a deeper retracement towards the $90k zone is possible. Short-Term Holder SOPR trading under 1 indicates recent purchasers are selling at a loss, suggesting a potential further correction. Unless this metric consistently surpasses 1, indicating routine profit-taking, short-term panic selling could continue, potentially flooding the market with surplus supply if BTC's value declines further, leading to a potential greater downside in the coming weeks.