Bitcoin recently fell below the support level of $116,000, primarily affected by macroeconomic uncertainties and seasonal market weakness. Analysis from Matrixport shows that ongoing profit-taking and cautious investor positions have intensified selling pressure. Despite some optimistic sentiment, the market remains fragile, and Bitcoin is still struggling to regain its growth momentum.
Macroeconomic pressures, including concerns about U.S. interest rates and economic growth, have heightened investors' risk-averse sentiment. Matrixport points out that Bitcoin's price trend may remain sluggish until there is a significant improvement in fundamentals or a policy catalyst. This environment encourages large holders to adopt tactical defensive measures and reduce risk.
