As of June 5, 2025, Bitcoin (BTC) is exhibiting bearish tendencies, with its price hovering around $105,000. Technical analyses indicate that if BTC fails to maintain support at $104,000, it could decline further to $101,000. A bear flag pattern on the four-hour chart suggests a potential drop to $97,709 if the $105,000 support level doesn't hold.
Market sentiment is cautious, influenced by factors such as Elon Musk's recent XChat announcement, which hasn't positively impacted BTC's price. Additionally, Bitcoin's dominance has decreased from 55.2% to 53.8%, indicating a shift in investor interest towards altcoins.
In summary, BTC's short-term outlook remains bearish unless it can reclaim and sustain levels above $106,550. Traders should monitor key support levels at $104,000 and $101,000, as well as the psychological threshold of $100,000.
