Macro Policy Uncertainty Caps Bitcoin's Price at $65K

Despite steady corporate accumulation and advancing institutional integration, Bitcoin's price has remained contained within a narrow band around $65,000.

This is because macro policy uncertainty has replaced leverage-driven liquidations as the dominant force shaping the crypto market.

Iliya Kalchev, analyst at Nexo Dispatch, notes that digital assets are now reacting to the same macro signals that drive equities, gold, and bond markets.

The current consolidation phase follows a full reset in derivatives leverage, with volatility compression and neutral funding rates indicating that forced liquidations are no longer the primary driver of price action.