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Bitcoin (BTC) 
$108,693 is showing increasing signals of a price decline. The black Marubozu candlestick formation formed on Wednesday indicates a negative trend in the market. The recent pullback from the resistance level between 107,000 and 109,000 dollars has led to the formation of a short-term reversal pattern.
Short-Term Outlook Suggests Downward Movement
Currently, Bitcoin is forming a head and shoulders pattern on the four-hour timeframe. Additionally, there is bearish divergence in the Relative Strength Index (RSI), suggesting that the downward trend could continue in the short term. If this scenario plays out, the support zone between 101,000 and 99,500 dollars will be crucial for Bitcoin’s price.
In the daily timeframe, a double top formation has been forming since December 2024. This pattern could signal a significant macro reversal in the market. If this model activates, Bitcoin’s price may drop to the lower boundary of the horizontal channel at the 91,000 dollar level.
Mixed Signals in the Market
Recently, the swearing-in ceremony of U.S. President Donald Trump, who has a positive outlook on cryptocurrencies, generated excitement in the crypto market. However, this situation led to a temporary momentum loss as the “sell the news” narrative came into play. Nonetheless, large institutional players like MicroStrategy and BlackRock continue to accumulate Bitcoin. Meanwhile, short-term investors are increasingly focusing on altcoins rather than Bitcoin, showing heightened interest in the altcoin season.
Among the other pressures on the market is the Bank of Japan’s upcoming announcement on policy interest rates. This interest rate decision may provide crucial insights into the U.S. Federal Reserve’s (Fed) interest rate policies next week. Recent inflation data has exceeded expectations, and the unpredictability of the Trump administration is adding uncertainty to the crypto market.
Bitcoin investors need to focus on both macroeconomic developments and technical indicators at this time. As volatility continues in price movements, it is essential for market participants to act cautiously.
