Bitcoin hovers in the mid-$60k range after hitting $73k in mid-March. We'll explore investor behavior during this consolidation, analyzing accumulation patterns post-FTX crash.

In both the 2020-21 and 2023-24 bull runs, we observe distribution phases during price contractions. Sell pressure rises as dormant supply enters to meet demand. The recent ATH saw intensified distribution amid Middle East conflict news, leading to a correction to $60.3k.