$BTC #Bitcoin briefly fell below the level it entered in 2025, erasing annual gains during a fluctuation weekend that surprised many traders.

Despite a series of positive news within the industry and the long-awaited reopening by the US government, market sentiment has still declined, and these factors are what many market participants hope will stabilize sentiment.
BTC fell to $93,100 - about 25% below the historical high in October. Although Bitcoin quickly rebounded to around $94,500, this adjustment indicates an increasing gap between the strong structural developments in the field and the current price behavior.
This year started optimistically. President Donald Trump entered the White House with what many call the most pro-cryptocurrency administration in American history, bringing rapid regulatory clarity, eased restrictions, and a strong influx of corporate Bitcoin allocations. Spot ETF funds also reported stable net inflows for most of the time.
But macro pressures have repeatedly outweighed positive factors. Trump's trade war and a record 43-day government shutdown led to a series of risk-free periods, resulting in Bitcoin experiencing several double-digit adjustments in 2025.
Another pressure on the market comes from the selling by long-term holders. Some analysts initially regarded the "OG whales" as the culprits preventing upward momentum, but blockchain companies pointed out that this trend is consistent with the typical late phase of the cycle - realizing profits rather than mass withdrawals.
Nevertheless, some analysts still believe that the broader cycle of Bitcoin is intact. Matt Hogan, Chief Investment Officer of Bitwise, believes that the next explosive phase is more likely to unfold in 2026, pointing out that the macro environment is determined by currency depreciation and the increasing acceptance of stablecoins, tokenized assets, and DeFi.
Currently, the future trajectory of Bitcoin depends on whether this asset can consolidate support around $90,000 and break free from the recent wave of macro fluctuations — reminding us that even in a year of strong structural progress, the market can be unpredictable.