Bearish Sentiment Continues to Weigh on Bitcoin

Bitcoin's recent rally has been short-lived, as it continues to trade below its 100-day and 200-day moving averages, indicating a bearish trend. The cryptocurrency has failed to establish higher highs and higher lows, with momentum indicators remaining weak.

The macro backdrop remains unfavorable for cryptocurrencies, with investors digesting the Federal Reserve's latest policy decision and focusing on upcoming U.S. labor market data. Elevated Treasury yields and a resilient U.S. dollar continue to reduce demand for riskier assets like Bitcoin.

Geopolitical uncertainty is also affecting investor sentiment, although tensions in the Middle East have eased compared to previous weeks. The Coldcard incident has renewed concerns over digital asset security, despite not involving any flaw in the Bitcoin protocol itself.