Bitcoin is on course for its fourth consecutive annual decline, with a year-to-date drop of approximately 7%. This downturn persists despite a more mature regulatory landscape and institutional interest, including support from Trump and inflows into Bitcoin ETFs. Market momentum remains weak, characterized by low trading volumes and limited investor appetite for a rebound. The fear and greed index continues to signal fear, and significant acquisitions by Michael Saylor's firm have not succeeded in reversing the trend.