$BTC Bitcoin's current price trend shows a mix of bearish and bullish signals. The cryptocurrency has recently experienced a decline, with its price dropping below crucial support levels. According to market data, Bitcoin is currently trading near $106,987.56, with a 1.87% increase. However, technical indicators suggest a bearish trend may be emerging.

Analysts point to the Bitcoin Inter-Exchange Flow Pulse metric, which has turned bearish, indicating a decline in market risk appetite and potentially marking the start of a bearish phase. This metric tracks the volume of coins flowing between derivative and spot exchanges, with a downward trend suggesting investors are reducing risk exposure.

The daily chart of Bitcoin shows a formation of an inverse head and shoulder pattern, considered bullish, but validation requires a rebound from lower support and a rise to the neckline at around $110,500. Conversely, technical indicators like the Chaikin Money Flow and Relative Strength Index suggest an outflow of money and a steep descending trend, potentially leading to a fresh bearish trend. The upcoming weekly close could significantly impact Bitcoin's price rally.