Bitcoin Stuck Below $105K

Market Analysis

Bitcoin’s price struggles below $105K due to several factors. Increased regulatory scrutiny, particularly in the US, is creating uncertainty. This, coupled with profit-taking after recent rallies, adds downward pressure.

Technical Factors

Technically, Bitcoin faces resistance at the $105K level. A break above this point is crucial for further upward movement. However, declining trading volume suggests a lack of strong buying momentum.

Macroeconomic Influences

Broader market trends, including a strengthening US dollar and concerns about inflation, also impact Bitcoin’s price. Investors are cautious amidst global economic uncertainty.

On-Chain Metrics

On-chain data reveals mixed signals. While some long-term holders remain optimistic, short-term holders appear more prone to selling. This creates a tug-of-war between accumulation and distribution.

Future Outlook

Despite current challenges, many analysts remain bullish on Bitcoin’s long-term prospects. Overcoming regulatory hurdles and regaining positive momentum could pave the way for a new rally. However, short-term volatility is expected to persist.