The current Bitcoin price is dropping to $105,000, and analysts note a possible decline amid negative macroeconomic factors.
Bitcoin Price Instability
Currently, Bitcoin is struggling to maintain the $110,000 level. After reaching a local high, sellers took control, leading to a drop to $105,000. Chart signals, such as the recent three consecutive red candles at the Fibonacci level, may indicate a loss of bullish momentum.
Factors Contributing to the Decline
Key risk factors for Bitcoin's decline include:
1. Macroeconomic instability - trade tensions between the US and China have escalated, creating uncertainty. 2. Weak economic data - negative GDP performance and rising jobless claims. 3. Risk of technical breakdown - a drop below $105,000 could lead to testing the $97,000 level.
Market Outlook for Bitcoin
Investors are watching for market shocks that could lead Bitcoin's price to drop to $90,000. If the price does not recover to the $107,000 level, the short-term outlook remains bearish. Expected volatility may arise as financial conditions shift.
Despite current challenges, long-term investors may view a drop to $90,000 as a buying opportunity. However, until Bitcoin breaks the $107,000 level, the outlook remains cautious.
