why is bitcoin going down?

Bitcoin's price has experienced a decline of over 6.5%, falling from a recent all-time high of $109,020 to around $101,948. This drop follows US President Trump's inauguration speech, during which he did not mention Bitcoin or any cryptocurrency, disappointing traders who anticipated positive announcements regarding digital assets.

The market reacted negatively to Trump's omission, leading to a risk-off sentiment among investors. This sentiment was exacerbated by significant liquidations in the derivatives market, with approximately $259 million in Bitcoin positions liquidated in just 24 hours. The over-leveraged positions contributed to the downward pressure on Bitcoin's price.

Additionally, there are signs of bearish divergence in Bitcoin's price and the relative strength index (RSI), indicating potential weakness in the current uptrend. Analysts are monitoring resistance levels around $104,300 to $105,750, which Bitcoin must overcome to sustain its upward momentum. If this resistance remains unbroken, there is a possibility that Bitcoin may retest lower levels around $90,000.