Bitcoin's price is currently trapped within a range, facing overhead resistance at $106,000 and marking a consolidation of about $10,000 over the last five weeks. Traders are adopted a cautious stance due to geopolitical and macroeconomic uncertainties. Recent escalations in the Middle East have fostered a risk-averse environment, leading to reduced demand for risk-on assets like Bitcoin, which has seen a 3.6% price decline recently. Additionally, the hacking of a cryptocurrency exchange in Iran has raised concerns over crypto's vulnerability amidst geopolitical disputes. The U.S. Federal Open Market Committee's decision to keep interest rates unchanged at 4.25%–4.50% has also dampened momentum for Bitcoin, with the risk assets pressured by a strengthened dollar and inflationary concerns. Bitcoin has remained below key moving averages, indicating a lack of momentum required to challenge its all-time high of $112,000. Technical indicators show potential bearish trends and market indecision as trading volume remains low.

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