Bitcoin Struggles Amidst Volatility and Geopolitical Tensions

The Bitcoin market has been unable to maintain its upward momentum, with recent price fluctuations mirroring the volatility of oil and commodity prices.

According to analysts, every recent Bitcoin rally follows a similar pattern: as oil, metals, and commodity prices fluctuate dramatically, Bitcoin shows breakout momentum but struggles to sustain it. This pattern is attributed to increased open interest and negative funding rates, indicating bearish market sentiment.

The smaller trading volume compared to the end of 2022 has made Bitcoin more susceptible to sudden price swings, making it difficult for the cryptocurrency to break through its current stagnation.