#Bitcoin spot volume was highly active around 100K. In distribution phases, prices drop when new liquidity dries up. The key question regarding whether the BTC market will face years of bear markets is: Where will fresh liquidity come from? We’ll likely see an extended consolidation in the wide range(e.g., 75K-100K), similar to early 2024, imo. This could last until some good news for Bitcoin brings in new liquidity.