Market overview. Bitcoin fell for a third session on Wednesday, slipping 1.8% to $103,344 by 00:28 ET (05:28 GMT) after an intraday low of $102,737. The move extends early-November weakness that briefly pushed prices below $100,000, with the crypto complex failing to participate meaningfully in the broader risk rebound tied to progress on reopening the U.S. government.

Macro backdrop: shutdown relief, equity rotation. The U.S. Senate advanced a funding measure that, if approved by the House and signed by the President, would end the record 42-day government shutdown and restore federal operations through Jan 30. Equities rallied on the development, but flows into digital assets remained muted—evidence of a risk-on rotation out of crypto and into stocks, rather than an across-the-board appetite for risk.

Sentiment headwinds. Beyond macro, crypto-specific narratives weighed on positioning:

• Treasury concerns: Growing skepticism around Bitcoin “treasury” strategies at listed firms has cooled dip-buying enthusiasm.
• Geopolitical noise: Fresh allegations out of China regarding a historic Bitcoin theft added uncertainty, reinforcing a risk-off bias within the asset class.
• Tokenization headlines: JPMorgan’s rollout of JPM Coin for institutional deposits underscores the rise of bank-grade digital rails, but does little, near term, to alter demand for non-yielding, high-beta crypto exposure.

Market internals. Derivatives metrics (elevated basis compressions, thinner order books into down-moves) point to fragile liquidity, amplifying price swings. Spot weakness bled into majors: Ether −2.8% to $3,448.93, XRP −3.1% to $2.3986; BNB −2.5%, Cardano −3.7%, Solana −5.9%. Meme tokens underperformed (Dogecoin −3.4%, $TRUMP −8.8%).

Technical picture (BTC).

• Trend: Short-term structure remains heavy below $106,000–$108,000 resistance.
• Supports: Initial at $102,500–$103,000; a decisive break reopens $100,000 (psychological) and $98,500–$99,000 (summer congestion).
• Momentum: Daily RSI mid-40s suggests room for further downside before oversold; rallies likely to meet supply into the $105,500–$107,000 zone.

What could shift the tape.

• Macro data catch-up: A government reopening restores the U.S. data pipeline; softer growth or cooler inflation could ease yields and aid crypto beta.
• Micro catalysts: Stabilization in tech equities, improved ETF/net-flows, or a positive surprise in on-chain activity could underpin a bounce.
• Policy/liquidity: Any signs of broader liquidity support (lower real yields, narrower funding spreads) would be constructive for high-beta risk, including BTC.

Bottom line. With equities attracting the lion’s share of relief flows, Bitcoin remains range-to-lower near term. Until macro visibility improves and crypto-specific sentiment stabilizes, rallies are likely to be tactical and capped below resistance, with $100,000 the key line in the sand for directional conviction.