Bitcoin has fallen 30% from its year-to-date peak, maintaining its position in a technical bear market. This decline occurs despite global liquidity reaching unprecedented levels, with U.S. M2 money supply exceeding $22 trillion and China's at $46 trillion. The cryptocurrency faces additional pressure from Bitcoin ETF outflows and a bearish pennant pattern, indicating potential further declines. While the Federal Reserve's easing measures and potential stimulus checks could provide support, macroeconomic and technical challenges persist.