#Bitcoin’s Drop Feels Bad, But It’s Still Normal

$BTC is down 26.6% from the $109.5K all-time high

Still less severe than previous cycle drawdowns:

- 2018: -83%

- 2022: -73%

The Weekly RSI has now declined 5 weeks in a row

First real test of long-term trend strength since mid-2023

What’s missing from this drop?

- Retail volume is drying up

- ETF inflows are slowing

- Short-term holders are exiting, according to on-chain data

50-week EMA = the final line of defense for bulls

A bounce here keeps the macro uptrend alive

Sentiment is weak, but this is when markets reset.

Big moves usually start from max fear.