Bitcoin (CRYPTO: BTC) continues to trade in a tight consolidation band, leaving traders questioning whether downside pressure will persist or if a broader macro shift could ignite the next rally.
The Regime Is Changing
According to Wintermute Research, Bitcoin is consolidating between $64,000 and $67,000 after several failed attempts to reclaim the $70,000 level.
Price action has increasingly mirrored high-beta technology stocks rather than behaving like a standalone macro hedge.
Liquidity remains thin, derivatives positioning is defensive, ETF flows have turned negative and institutional demand has yet to meaningfully return.
Ethereum (CRYPTO: ETH) briefly slipped below $1,900, with $1,600 …