Bitcoin is currently consolidating around $68,000, a key psychological and technical level below its all-time high. The initial rally driven by the launch of spot ETFs has weakened. Although long-term holders remain confident, the slowdown in ETF capital inflows and cautious macroeconomic sentiment have dampened upward momentum. The market's next move depends on the re-entry of institutional funds, the clarity of macroeconomic conditions, and whether Bitcoin can sustain above this critical zone to attract more investors.