This recent price action indicates a bearish trend, with lower highs suggesting the potential for further downside if key support levels are breached.

Contributing to Bitcoin's price volatility are geopolitical tensions, particularly between Israel and Iran, as well as high US Treasury yields, which are influencing market sentiment.

Bitcoin's price has recently retraced to approximately $102,300 after failing to break through critical resistance levels above $112,000.

For bulls to regain confidence, they need to reclaim the $106,500 mark, while a drop below $100,000 could signal a deeper correction.

Adding to the complexity of the market, over 30% of Bitcoin's circulating supply is controlled by just 216 centralized entities, including exchanges, ETFs, funds, and governments.

Currently, Bitcoin is down 8% from its all-time high of $112,000 and is in a consolidation phase, with traders considering the possibility of a retracement to $94,000 or a breakout into price discovery.

This shift toward custodial centralization raises concerns about Bitcoin's decentralization, even as it boosts adoption among institutional investors.

The largest holders of Bitcoin include crypto exchanges and ETFs, with a significant amount also locked in DeFi contracts, complicating liquidity and distribution risks.