Core Bearish PressuresBitcoin / U.S. dollarBITSTAMP:BTCUSDMilo-BlakeCore Bearish Pressures (Capping gains and triggering short-term pullbacks) 1. Profit-taking on short-term holdings following a sustained rally Since rebounding from the 59,100 low, the price has surged over 6,800 points, accumulating significant short-term profits. ETF inflows have been modest rather than explosive; the rally—driven largely by a short squeeze—lacks sustained long-term capital support. Consequently, a lack of volume at highs triggers concentrated profit-taking and exits. 2. Overhead resistance from accumulated "trapped" positions A large volume of previously "trapped" positions (investors holding at a loss) is concentrated in the 66,700–67,000 range, acting as the primary intraday resistance level that is difficult to breach easily; even heavier selling pressure from investors looking to break even exists further up in the 68,000–69,000 zone. Bearish divergence on short-term indicators is increasingly confirmed, signaling exhausted upward momentum and a technical need for a pullback to reset indicators. 3. Persistent risks regarding long-term monetary policy The Federal Reserve has merely paused rate hikes rather than initiating a cutting cycle; should subsequent inflation data rebound, hawkish expectations would quickly resurface. With US Treasury real yields remaining relatively high, the cost of holding Bitcoin—a non-interest-bearing asset—is elevated, deterring bulls from aggressively chasing prices with heavy, sustained positions.