Bitcoin's recent struggles to break through the $80,000 barrier have led to a sharp decline in demand, with some analysts predicting months of consolidation ahead. According to data, the demand for Bitcoin has dropped to its lowest level since mid-January, as traders and investors adopt a risk-off approach due to geopolitical and macroeconomic uncertainties.
The inability of Bitcoin's price to hold key support levels is raising concerns that it may be heading towards a prolonged period of consolidation or even a drop towards $65,000. This would mark a significant decline from its current level and could have far-reaching implications for the cryptocurrency market as a whole.