Bitcoin Faces Volatility Amidst Challenging Economic Landscape

Bitcoin’s recent price movements have been confined to a narrow range between $105,000 and $101,000 over the past ten days. A significant dip of 2.52% in the last 24 hours has led it down to $103,300 on May 17th. This decline mirrors trends seen in other cryptocurrencies like Ethereum, raising concerns among investors. The price action reflects a concerning technical indicator landscape where daily active addresses and newly opened addresses on the Bitcoin blockchain are declining. This negative divergence, coupled with weakening momentum indicators, suggests a potential market correction is underway.