Bitcoin’s latest price pullback is being driven by tightening U.S. liquidity conditions and tax-related profit-taking among long-term holders, according to new on-chain analysis.A report published on Nov. 14 by DeepFlow TechFlow cites CryptoQuant analyst @xwinfinance, who noted that several overlapping factors contributed to the downturn:U.S. liquidity pressure reducing market risk appetiteProfit-taking by long-term Bitcoin holders due to tax considerationsA wave of selling originating from the U.S. marketThe analyst said these forces combined to create “the main drivers behind the current market adjustment,” adding that selling from U.S.-based entities aligned with broader macro tightening signals this week.