Bitcoin price has dropped to a worrying low, leading some traders to throw in the towel and claim the bull run is over.
Five days after falling below $60,000 on July 4, Bitcoin (BTC) professional traders' morale dipped to its lowest level in two weeks, according to the long-to-short metric. This suggests that whales and market makers are hesitant to open bullish leverage positions, even as the Bitcoin price fell to a four-month low.
This lack of enthusiasm is concerning, especially since Bitcoin was trading near $72,000 on June 7, leading some analysts and traders to suggest that the current cycle may have already peaked.
Digital art collector and digital assets advocate DCinvestor argued that 25% Bitcoin price corrections from intra-cycle highs are normal and do not signify the end of the bull market. Despite similar price fluctuations occurring in the past, repeated failures to break above $72,000 since March 24 suggest a diminished buying interest. Additionally, other metrics, like the search trends for "Buy bitcoin," indicate that retail interest has waned over the past four months.
