The Bitcoin bull market appears to have reached its peak, with multiple factors contributing to a decline in trading volumes. Top analysts predict a potential correction to $55,000. Despite the launch of spot Bitcoin ETFs, the price has failed to gain momentum, citing macroeconomic and geopolitical concerns.

The delay in US Fed rate cuts has led to a significant loss for crypto investors, with over $400 billion wiped off the market cap since March. The approval of spot Bitcoin ETFs was expected to trigger a rally, but the delay in listing spot Ethereum ETFs has impacted sentiment. The probability of a rate cut in September is at 59.5%, according to the CME FedWatch Tool.

Institutional investors are losing confidence in Bitcoin reaching new heights, leading to negative sentiment in the crypto market. Outflows from spot Bitcoin ETFs have been negative for four consecutive days, with no inflows recorded yesterday. Popular analyst Michael van de Poppe predicts support between $63-64.5K as key for BTC price, while derivatives traders are bearish, with a max pain at $55,000.

Technical and on-chain analyst Ali Martinez suggests a possible correction towards the mean pricing band at $54,930, based on the MVRV extreme deviation price band metric. Bitcoin price remains range-bound between $57K-73K, with consolidation expected to continue. Trading volume has decreased, with traders switching to altcoins.

In conclusion, the Bitcoin bull market has cooled down due to macro and geopolitical concerns, with top analysts warning of a potential correction to $55,000. The delay in US Fed rate cuts and negative sentiment in the crypto market have led to a decline in trading volumes. While some analysts predict support at $63-64.5K, others anticipate a correction towards the mean pricing band at $54,930.