CryptoPotato diagnosed that the downward pressure on Bitcoin is due to factors such as the re-escalation of the US-Iran conflict, discussions within the Federal Reserve regarding interest rate freezes/hikes, successive sell-offs by Strategy, ETF fund outflows, and the Coinbase premium index recording its longest ever negative streak. The media added, "BTC recorded a low of around $58,000 on the 1st and then rebounded by about $5,000, but major upward attempts have been repeatedly frustrated, leaving it still under strong downward pressure."
