Bitcoin (BTC) has dropped under $104,000, extending recent losses amid heightened geopolitical concerns and signs of fading retail enthusiasm.
The leading cryptocurrency briefly touched lows near $103,400 before rebounding slightly to around $103,700, according to technical data from CoinDesk Research. Despite a roughly 4% slide, the market remains locked in a tight range, reflecting caution as investors weigh economic uncertainties and global events.
Sentiment among retail traders has cooled considerably. Analytics firm Santiment reports that the ratio of bullish to bearish chatter in crypto discussions has fallen to 1.03 to 1—the lowest since early April, when markets were roiled by Donald Trump’s “Liberation Day” tariffs.
Yet this sharp dip in optimism may not be entirely bearish. Analysts at Santiment suggest the current fear could serve as a contrarian signal, hinting at a potential rebound similar to April’s rally when Bitcoin surged after widespread pessimism.
While the Federal Reserve’s decision to hold interest rates steady has kept Bitcoin contained between $100,000 and $110,000, on-chain data shows declining open interest on Binance, pointing to continued deleveraging in crypto derivatives. Still, larger investors have been quietly accumulating BTC since 2023—a sign that institutional confidence remains firm even amid choppy price action.
Key Technical Highlights
- Over the past 24 hours, BTC-USD traded between $106,552.98 and $102,411.01, a 3.89% fluctuation driven by sharp intraday swings.
- The steepest drop occurred between 14:00 and 17:00 UTC, dragging prices under $104,000 and establishing fresh resistance near $106,000 on heavy trading volume.
- Support emerged between $103,000 and $103,500, where BTC found stability toward the end of the session.
- A V-shaped rebound later lifted prices from $103,363 back to $103,618, confirming a local floor near $103,500.
- Technical indicators point to potential upside, though immediate momentum remains subdued.
Despite recent volatility, market watchers believe Bitcoin could rebound if institutional players continue scooping up supply amid retail caution.
