I noticed an interesting dynamic over the weekend — bitcoin pulled back to about 65.7 thousand after it tried to break the 70 thousand mark at the start of the week. It only held for 48 hours. Apparently, this was another market-consenus test of direction, and the outcome showed that the lower boundary of 60 thousand isn’t just a number on the chart.

Altcoins fell even harder. Solana dropped by nearly 7%, Ether slid by 6%, Dogecoin was down 5%. This wiped out all their advantages from the beginning of the week, even though spot bitcoin ETFs in the USA over three days attracted $1.1 billion. It turns out that institutional capital inflows weren’t able to offset the overall deterioration in sentiment in the stock market — the S&P 500 fell by 0.4%, while crypto fell by 3% and more.

What’s interesting: data shows that USDT reserves on exchanges fell from $60 billion to $51.1 billion over two months. This creates a consensus among analysts that if reserves drop below $50 billion, a mass sell-off could begin. Plus, Nvidia fell 4.2% — artificial intelligence is starting to displace jobs. That’s the mix of macroeconomic factors.

Right now, bitcoin is back in the 60–70 thousand range, where it has been stuck since February. The upper bound is resistance, the lower is the question. That’s basically all the consensus for now. Volatility for crypto is normal, but the scale matters.