$BTC #MarketPullback #PowellWatch
The Key Breakdown: Why BTC is Sliding
Recent price action has seen Bitcoin's price (around $102,074) slide, erasing recent gains. Here are the critical factors driving the current bearish pressure:
Resistance Rejection: The price failed to sustain a move above the prior support-turned-resistance zone of $106,000 - $107,300. This breakdown suggests sellers are firmly in control.
Negative Technical Posture: Indicators across short-term and medium-term timeframes are flashing red.
RSI (14): At 39.306 (Sell), showing a clear downward slope and weakness below the mid-point (50).
MACD: Currently -1035.85 (Sell), confirming the bearish momentum is accelerating.
Volume Balance: The overall volume balance is negative, which weakens the currency and indicates a higher chance of a further breakdown.
Institutional Outflows: Recent data shows significant capital outflows from Bitcoin ETFs (over $500 million in recent days), indicating a decline in institutional appetite and a likely rotation into other assets or profit-taking.