Bitcoin (BTC) has been on a downward trend recently, and there are a couple of reasons why:

Macroeconomic factors:

Investors are worried about a potential stock market decline, and this has caused them to pull out of riskier assets, including Bitcoin. The strength of the US dollar is another factor. When the dollar gets stronger, it makes Bitcoin (and other currencies) relatively weaker.

Regulation and uncertainty:

The collapse of a major crypto exchange, FTX, last year spooked investors and led to increased scrutiny from regulators. This uncertainty is dampening enthusiasm for the cryptocurrency market in general.