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Bitcoin has been in a consolidation phase for multiple grueling months since its March 14 peak , dropping to as low as just under $50,000 at one point over the summer, but mainly sitting in roughly the $60,000-$65,000 range. The action tested investors’ patience and left many concerned that the bull market cycle begun in early 2023 had already topped out. Multiple attempts for new highs were met with heavy selling from bitcoin miners and long-term investors, while breakdowns were quickly arrested and bought up.