Bitcoin's price has declined by nearly 20% following its peak at $126,200 in October 2025. This downturn is attributed to long-term holders liquidating over 400,000 BTC, valued at approximately $45 billion. Additionally, the strengthening U.S. dollar, with the index surpassing 106, has exerted pressure on risk assets, including Bitcoin. Concurrently, privacy-focused cryptocurrencies like Zcash have seen increased investment, diverting funds from Bitcoin.