After making a brief attempt to surge past $72,000 last week, the Bitcoin (BTC) price has been trading under constant selling pressure, dropping nearly 6.5% on the weekly chart. As of press time, BTC is trading 1.15% down at $66,687 with a market cap of $1.314 trillion.

Bitcoin Buy The Dip Calls Surge

Despite the recent dip, there's a notable surge in the Bitcoin buying interest, as per the on-chain data provider Santiment. This is the second-largest surge in the BTC buying interest over the past two months. On the other hand, the crowd remains very much silent in terms of the sell interest.

The Bitcoin whale accumulation continues systematically, with the amount of entities holding over 1,000 BTC reaching a new all-time high. However, Bitcoin miners have also been selling in big numbers to meet operation costs after the halving.

Consolidation: A Healthy Phase for the Bull Run

Crypto market analyst Rekt Capital stated that Bitcoin's current struggle to give a decisive breakout is beneficial and advantageous for the overall market cycle. He added that Bitcoin has historically never broken out this early in the post-halving period. An early breakout could accelerate the cycle, potentially shortening the duration of the bull market. Instead, the ongoing phase is allowing the BTC price to align with the historical halving cycles, thereby setting up the stage for a sustained bull run.

Potential BTC Price Decline

Renowned market analyst Peter Brandt shared his insight on the BTC price trajectory, suggesting that if the Bitcoin price breaks through the $65,000 level, it may further decline to $60,000. However, if the Bitcoin price dips further under $60,000, it can correct another 20% all the way to $48,000.

Conclusion

The Bitcoin market is currently in a consolidation phase, which is seen as a necessary and healthy step for a sustained bull run. While the recent dip has triggered "buy the dip" calls, the market is also facing the risk of a more significant price decline if the BTC price breaches key support levels. Maintaining patience and aligning with the historical halving cycles could be the key to a rewarding and healthier bull market.