Bitcoin Hovers Near $103,700 Amid Negative Retail Investor Sentiment

Bitcoin (BTC) is currently priced around $103,700, facing macroeconomic pressures and declining retail investor sentiment. The asset experienced volatility, dropping below $103,400 before a slight recovery, amid geopolitical tensions and uncertain monetary policy.

Retail investor sentiment has sharply declined, with the bullish to bearish commentary ratio at 1.03 to 1, the lowest since early April.
This pessimism may indicate a contrarian signal for price rebound, as similar conditions previously led to Bitcoin rallies.
The Federal Reserve's decision to maintain interest rates has kept Bitcoin within a $100,000 to $110,000 range over the past month.
On-chain metrics reveal decreasing open interest on Binance, indicating ongoing deleveraging among derivatives traders.
Whale wallets have been accumulating Bitcoin steadily since 2023, suggesting large holders are building positions despite market uncertainty.

Technical Analysis Highlights

BTC-USD traded between $106,552.98 and $102,411.01 in a 24-hour period, showing a 3.89% swing.
A significant drop occurred between 14:00 and 17:00 UTC, pushing prices below $104,000 with strong resistance near $106,000.
Support formed between $103,000 and $103,500, with price consolidating on declining volume.
A V-shaped rebound was noted, with BTC rising from $103,363 to $103,618, establishing a local floor near $103,500.
Short-term momentum indicators showed mild recovery, but follow-through remained limited.