With the recent $BTC Retracement it is apparent that people who held their BTC for 1+ Year, started to take some profits. This sell started just after the last #FOMC announcements and the on-chain analysis indicates that the sell has not stopped yet.
On-Chain indications
Pi Cycle top is still bullish and doesn't show any signs of bear market. But, as a trader, you should have in mind that the 1+Year Hodl indicator shows that short term selling is still expected to pressure the price of BTC to levels of 75-80 K so you should be prepared for a deeper retracements to those levels.
