Analysis: Bitcoin has entered a consolidation phase; the current adjustment is in the later stages of the cycle and not a structural top.

Bitcoin has entered a consolidation phase, influenced by macroeconomic and market structural headwinds. The Federal Reserve's policy tightening, slower ETF inflows, and profit-taking by early holders are contributing factors. The current adjustment is in the late stage of the cycle, not a structural top; patience is needed to await the resumption of the upward trend in 2026.