BTC is becoming more of just a digital asset

BTC saw some sharp dump yesterday, it happened for a few hours and the price even dumped to 59k before creeping up to 60 and then finally settled around 61k. I think it was sitting in the 63k range earlier and then that market dump hit

I honestly don't know why, there were no announcements yesterday, Donald Trump has been relatively quiet on what is happening in the middle east, infact there's been a lot of inactivity in the middle east, so the market is not reacting to it, and so this actually leaves us with one option but to put it all on the market.

The market is not reacting to anything, just trying to repeat the cyclical patterns we see with crypto. I've been saying for a few weeks that the market is likely to bleed slowly.

The fact that BTC has tested 59k means that 55k is possible within the month and on the horizon in one month time, this is just my theory, or perhaps l will be pretty much stable and then we begin to see some serious dumping in August.

We've seen some sharp dumps to BTC that never fully recovered, for example BTC was at 65k about 10 to 12 days ago, and even when it dumped to 59k, it never recovered that position.

The bear market vibes

This is the Hallmark of the bear market; prices do not recover when they dump in a bear market situation, and this is just showing that we might have a slow bleed that's gradual. .

A lot of people are currently losing more than they know, probably because of this dump, but it's not like they're intentionally doing it. Some of them are already down -87% and already accepted that it'll be like this until 2028.

Again the market is dumping again and it's trying to maintain a consolidation at 59k but I think it's probably going to go below that and perhaps sharply recover again.

It's struggling so hard to not become a flash crash, but it makes me wonder if the market might still bottom by the end of the year, possibilities are there,but it's making me consider if we're not going to go into 40k range. It's not even brutal yet.

Crypto is mostly unsavory when market begin to self sabotage itself and continue to hit new lows everyday, and while we've not gotten there I still think there will be a lot of drama before the year ends and we're definitely not ready for the drama that's coming.

I and someone were debating if the market still bottoms this year or and I confidently told him that I think the market will bottom this year, while there's a chance that this might extend till next year, I think we've dumped hard a lot for us but not to actually bottom this year. It's a far stretch and I think it's going to be this year.

We're going to experience a lot of pain especially when we understand that alts are already at -80% doing another 20 to 25% dump is going to probably make everyone think that it's over and there's nothing in the market anymore, but fortunately I think this is different for BTC and still going to continue remaining so.

BTC is no longer a sort of decentralization asset anymore, it's been to look like a digital asset controlled by a few entity, good news for holders is that price is always 99% going to pump after it dumps very hard, bad news is that it's no longer as decentralization, but then this begins the question; do people really care about decentralization or just a bag that could pump whenever they want it to.