$BTC
Here are the main reasons behind the decline in Bitcoin's price today, presented in a simplified manner and with a professional leadership tone 🎯:
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1. Geopolitical Tensions 🕊️🔥
- The Israel-Iran clashes and news of new airstrikes have raised concerns among investors about the conflict escalating to a broader level, prompting the sale of high-risk assets like Bitcoin.
- These concerns have affected global markets, resulting in a collective drop in cryptocurrencies of more than 2% over the week, with Bitcoin itself experiencing about a 2% decrease.
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2. Weak Technical Momentum and Selling Pressure 📉
- Bitcoin hit a resistance area between $106k–$108k, leading to the breakdown of the "bullish flag" pattern and a collapse in selling momentum.
- Relative Strength Index (RSI) indicators show a downward trend, and the On-Balance Volume (OBV) does not support a clear recovery, reinforcing a cautious outlook.
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3. Decreased Odds of U.S. Interest Rate Cuts 💸
- The latest U.S. Consumer Price Index (CPI) data reduced the chances of an interest rate cut during the Federal Reserve meeting in June, weakening the sentiment for high-risk assets.
- With only one rate cut likely remaining in 2025, investors have become more cautious, leading to selling pressure on digital assets.