Bitcoin Price Continues Downward Trend Amid Market Uncertainty

Weakening Price Action

Bitcoin's price continued to face downward pressure at the start of the week, struggling to find support amid a lack of significant catalysts in the cryptocurrency market. The current price movement shows Bitcoin trading around US$95,393, representing a 0.24% decline from the previous day and a more significant 10.00% drop over the past week.

Market Challenges and Macroeconomic Factors

The recent price weakness is attributed to a combination of factors, primarily the absence of major market-moving news in the crypto space and heightened macroeconomic uncertainty. The latter was exacerbated by developments surrounding the US government reopening, which has contributed to investor risk aversion.

Technical Outlook

The current market dynamics suggest that Bitcoin's price may continue on its current trajectory, with the risk of further correction persisting through the end of the year. Traders and investors are advised to monitor both cryptocurrency-specific developments and broader macroeconomic indicators for potential market triggers.