Bitcoin has plunged nearly 5% over the past 24 hours, trading near $105,000 as mounting bearish pressure threatens critical support levels around $103,000. This downturn follows deteriorating technical indicators and escalating geopolitical tensions across global markets.
Technical analysis shows waning bullish momentum, with the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) signaling diminished buying interest. These patterns suggest increasing downside vulnerability unless buying activity resumes substantially.
Geopolitical instability in the Middle East has intensified risk-aversion sentiment among investors, accelerating spot market outflows and reducing institutional exposure to cryptocurrency assets. Market observers caution that Bitcoin faces risks of deeper retracements toward $101,610 if bearish sentiment prevails, despite a potential rebound possibility above $106,548 requiring renewed buying support.