Bitcoin traded above $100,000 in October 2025.

Today it stands at $65,000.

A 35% loss in less than nine months.
The chart tells the story clearly.

First upward channel
The price broke it in January.

Then a second, narrower, and slower upward channel, lasting from February to May.
It also broke it.

Now the price is trying to hold around $64,000 amid a small bearish pattern that could be either a temporary bottom or a station on a deeper decline.
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What has pressured Bitcoin so strongly?
Market expectations now indicate a 50% chance of raising interest rates at least once in 2026.
A complete reversal from January's expectations, which anticipated several cuts.

Bitcoin ETF funds experienced a 13-session consecutive outflow, during which investors withdrew $4.4 billion.

The Fear and Greed Index stands at 22,
which is in the "Extreme Fear" zone.

Even MicroStrategy’s Strategy company, the largest institutional holder of Bitcoin,
sold a portion of its holdings for the first time since 2022.
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But there’s another side to the story.
Long-term wallets absorbed 125,000 Bitcoins during June alone.

And after 13 sessions of continuous outflows, ETF funds recorded their first positive inflow of $85.8 million in a single session.

This is the difference that repeats in every cycle.
When individuals sell in panic, smart money moves in the opposite direction.

The question now:
Is the $60,000 level the bottom from which the next rally will start?
Or is there greater pain ahead?
$BTC $NAS100 $NAS100