Bitcoin has retreated from its historical highs, leaving investors feeling confused. Galaxy Digital CEO Mike Novogratz stated that the market needs time to rebuild confidence. He pointed out that Bitcoin has been hovering around $100,000, a price level that once attracted significant buying interest, but has now turned into a resistance level, with trapped sellers seeking to exit. Novogratz expects that before the next round of significant increases, Bitcoin will undergo a period of consolidation as the market needs to digest the excess supply. He remains optimistic about the long-term outlook, believing that potential interest rate cuts by the Federal Reserve and clearer U.S. cryptocurrency legislation will be positive factors driving the development of digital assets.