Bitcoin has continued to pull back recently, with prices oscillating around $88,500, having fallen nearly 9% compared to the high of $98k at the beginning of the month, and is still under pressure.
The impact of the macro environment is significant: the threat of trade tariffs is escalating, turmoil in the Japanese bond market is affecting the market, global risk aversion is increasing, gold prices have reached a historical high, but Bitcoin has instead fallen along with risk assets and has not yet demonstrated its safe-haven property.
Technically, bears hold the advantage: on the 4-hour chart, the lower band of the Bollinger Bands has been repeatedly tested, opening downwards, the MACD has crossed bearish, and momentum is still expanding. In the short term, it is very likely to break below the previous low of 87,700, accelerating the drop to the support range of 86k to 85k, which is close to an important yearly position.
In terms of funds, there is a net outflow, and leveraged liquidations have intensified price fluctuations, with retail panic selling amplifying the decline. Although there are large holders buying at lower levels, it is difficult to reverse the downward trend caused by market sentiment in the short term.
