So I've been watching Bitcoin's move since that crazy ATH back in October 2025 when we hit $126K. Now we're sitting around $75.76K in late April, and honestly it's been quite the ride through February and March. That February dip hit different - we tested $61K at one point, and a lot of people were freaking out thinking another crypto winter was here. But if you look at the actual mechanics, it was more of an orderly deleveraging rather than a panic dump. Futures positions got crushed, yeah, but the infrastructure stayed solid.

The thing that caught my attention back in February was how institutional money started rotating out. Bitcoin and Ethereum ETF flows flipped negative for a bit, which usually means the traditional finance crowd was taking profits or hedging into bonds and gold. Add in that sticky inflation around 2.4% and the Fed keeping rates elevated, and you get why risk assets got hit. Plus that new IRS tax form added some pressure - people liquidating to cover tax bills is always a real factor.

Technically, the consensus back then was we'd probably trade between $64K-$75K for a while, and that's basically what happened. The $68K level was the key to watch if we wanted to get back into a bullish setup. Looking back, the whole correction pattern made sense - Bitcoin usually cools off 12-18 months after a halving, and we were right on schedule with that 40-50% drawdown from the October peak. The Fear and Greed Index was absolutely crushed in early February, but honestly those extreme fear readings have historically been good entry zones if you're thinking long term. The Layer 2 infrastructure and custody solutions are way better than they were back in 2022, so structurally the market was healthier than it looked on the charts.