The cryptocurrency market has experienced a significant shift in momentum, with the Bitcoin price retreating to $65,000. This move marks a crucial cooling-off period for the world's largest digital asset, as traders digest recent macro data and institutional shifts.
According to technical indicators, this correction is healthy and necessary to shake out over-leveraged positions before any potential move towards previous highs. The recent price action on the BTC-USD chart indicates that the $65,000 region is acting as a primary psychological and technical floor.
The drop to $65,000 can be attributed to several factors, including institutional profit taking, macro uncertainty, and whale activity. On-chain data from platforms like Glassnode shows an increase in exchange inflows from large-scale holders, signaling a temporary distribution phase.