Although BTC managed to break through $65,000 on multiple occasions, the digital asset struggled to remain above this price point.
Bitcoin has continued to drift further from all-time highs — pouring cold water on the idea that a further rally and new record prices are imminent.
The world's biggest cryptocurrency was trading in an exceedingly tight range for most of Thursday… remaining stuck between $64,121 and $65,583.
Although BTC managed to break through $65,000 on multiple occasions, the digital asset struggled to remain above this price point.
On Friday morning, Bitcoin plunged from $65,000 to $63,700 in little over an hour… and at the time of writing, it's 7.5% away from the all-time high of $68,789.63 set on Wednesday.
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A Healthy Pullback?
Many analysts don't appear to be too concerned about Bitcoin's sideways price action — nor the dip seen on Friday.
Such activity is regarded as "extremely healthy" for the market because it allows the cryptocurrency to grow more sustainably.
Warning that further pain may lie ahead, crypto analyst @galaxyBTC wrote on Twitter:
"A drop to 59-61k followed by some consolidation would be the best way to continue the bull run in my opinion. Might not happen but it would be extremely healthy for both $BTC and #alts. Be prepared either way."
