According to ChainCatcher, under increasing macroeconomic pressure, BTC dropped from the high range of $106,000 to below $103,000, followed by a slight rebound. Santiment reports that the sentiment among retail investors is currently at its most pessimistic level since the tariffs were announced on Trump's Liberation Day in early April. However, due to the unusually strong bearish sentiment among retail investors, this may signal a potential price rebound, as Bitcoin has historically rebounded shortly after similar panic sentiments, since large investors often take advantage of the periods of retail sell-offs to accumulate at more favorable prices. The recent stability of interest rates by the Federal Reserve has further intensified market pressures.
In the past month, the trading price of Bitcoin has remained in a relatively narrow range of $100,000 to $110,000. At the same time, on-chain indicators show that the number of open contracts on Binance is decreasing, indicating that derivative traders are continuously deleveraging, while whale wallets have been steadily accumulating since 2023, suggesting that despite short-term uncertainties, large holders are still increasing their positions.
