Bitcoin's recent price drop has sparked a mix of reactions among investors. After a brief attempt to surge past $72,000, the cryptocurrency has been under constant selling pressure, dropping nearly 6.5% on the weekly chart. As of now, Bitcoin is trading 1.15% down at $66,687, with a market capitalization of $1.314 trillion.

Buying Interest Surges

According to on-chain data provider Santiment, there has been a significant surge in Bitcoin buying interest following the recent dip under $67,000. This is the second-largest surge in buying interest over the past two months. On the other hand, the sell interest remains relatively quiet.

Whale Accumulation and Miner Sales

Meanwhile, Bitcoin whale accumulation continues systematically, with the number of entities holding over 1,000 BTC reaching a new all-time high. This is largely driven by strong institutional interest. However, Bitcoin miners have been selling in large numbers to meet operational costs following the halving.

A Beneficial Consolidation Phase

Crypto market analyst Rekt Capital believes that Bitcoin's current struggle to break out is beneficial for the overall market cycle. He notes that Bitcoin has historically never broken out this early in the post-halving period. This ongoing phase allows the BTC price to align with historical halving cycles, setting up the stage for a sustained bull run.

A Cautionary Note

Renowned market analyst Peter Brandt shared his insight on the BTC price trajectory, suggesting possible scenarios. If the Bitcoin price breaks through $65,000, it may further decline to $60,000. However, if it dips further under $60,000, it can correct another 20% all the way to $48,000. This highlights the importance of maintaining patience in the current consolidation phase to potentially reap rewards in the coming bull run.