The recent drop in #Bitcoin and altcoin prices is part of a broader consolidation period, which should not cause alarm. Since the beginning of June, Bitcoin has declined from $72,200 to $65,000, with some altcoins falling by more than 20%. Despite market fears, this level has been visited over five times in the past four months, with prices even reaching $56,000 and $55,000.
Several factors contribute to this consolidation:
1. **Federal Reserve's Uncertainty**: The Fed's decision to potentially make only one rate cut this year, despite expectations for two, has left the market in suspense.
2. **Summer Trading Slowdown**: During summer, many traders take breaks, leading to reduced trading volumes across financial markets.
3. **Market Consolidation**: This period of sideway price movement and uncertainty is typical as the market waits for more data that might influence the Fed's monetary policy.
Overall, the market is experiencing a typical phase of uncertainty and consolidation, with potential for further price fluctuations.