Since the all-time high last October, bitcoin has lost almost half its value.
For investors who supported the “digital gold” narrative, this drawdown has put bitcoin in an awkward spot. Calls of a “crypto winter” are starting to resurface, especially as gold continues to post fresh all-time highs.
Even with its own volatility, gold’s pullbacks have so far found support more reliably.
A key question right now is whether consolidation near $68,000 is accumulation, or simply a pause before the market turns colder. At the moment, the price action is not all the inspiring. A clean break back above $70,000 would matter, because it could quickly trigger the kind of momentum and FOMO that helped lift price late last week.
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