Bitcoin remains under pressure, with recent on-chain data showing heavy long-position exposure and limited bullish momentum. Technically, selling dominance persists as key support zones have broken and price tracks lower, although oversold signals are creeping in. Meanwhile, broader macro headwinds — such as hawkish monetary policy and risk-off sentiment — dampen demand for volatile assets. Given the current context, the path of least resistance appears lower unless fresh catalysts emerge to reverse sentiment