Bitcoin's price is currently experiencing a downturn, with a 2.7% decrease over the last 24 hours, bringing its price to around $104,000-$105,000. This decline is attributed to several factors, including :
- *Waning Investor Demand*: Bitcoin's demand metrics may have reached a short-term top, implying a pause in the current rally.
- *Significant Long Liquidations*: Over $210 million in long BTC positions were liquidated in the last 24 hours, signaling strong bearish pressure.
- *Bearish Divergence*: A divergence between Bitcoin's price and the Relative Strength Index (RSI) indicates weakness in the prevailing uptrend.
- *Resistance Above $111,000*: Bitcoin ran into resistance above the $111,000 level, contributing to the downward pressure.
Some analysts believe this could be a healthy pause, potentially leading to a consolidation around the $106,000 level before entering a new upward trend. However, others warn that if Bitcoin doesn't rally soon, the price might sink deeper .
