$BTC Chief Analyst of Bitget Research Ryan Li linked the current dynamics to macroeconomic events. According to him, the appetite of investors for risk is pressured by trade negotiations between the US and China, as well as signs of deflation in the latter's economy.

He expects trading in the range of $100,000-$108,000. A breakout of resistance at the level of $107,000 could provide a new bullish momentum. If negative sentiment persists in the markets, the price may drop to support around $96,000.