Bitcoin Price Under Pressure: Will $65,000 Be Fatal?

Despite a recent attempt to break $72,000, Bitcoin (BTC) has been facing downward pressure, dropping almost 6.5% in the last week. While on-chain data shows a spike in Bitcoin buying interest after the recent dip below $67,000, the sell interest remains low. Notably, Bitcoin whale accumulation continues, with entities holding over 1,000 BTC reaching an all-time high. However, Bitcoin miners are selling to cover operating costs post-halving. Crypto analyst Rekt Capital believes that the current consolidation is beneficial for the market cycle, as it allows for alignment with historical halving cycles and sets the stage for a sustained bull run. Meanwhile, market analyst Peter Brandt predicts that if Bitcoin breaks through $65,000, it could fall to $60,000. A further dip below $60,000 could lead to a 20% correction, bringing the price down to $48,000.