1
Based on the Bitcoin’s NUPL, the Bitcoin market is still in the Euphoria phase, but has decreased in intensity as the correction began.
2
After reaching an all-time high of $73,000 in March, the Bitcoin market has shifted towards broad distribution, as coins capitalize on liquidity and increasing demand.
The crypto market is struggling with BTC consolidating around the $60,000 range. BTC price has been in a drawdown after reaching the all-time high of $73,000 mid-March.
Whenever the market rallies to new highs, sell side pressure increases as investors bring dormant supply back into the market to cater to the inflowing demand.
Bitcoin Net Outflows Increase
As BTC price achieved new all-time highs in mid-March, a similar bearish pattern observed after the previous bull cycles of local distribution was noticed. This bearish pattern was further intensified by news about the conflict in the Middle East, resulting in a correction.
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We współpracy z: https://www.thecoinrepublic.com/2024/05/02/bitcoin-price-to-finally-form-a-local-bottom-where-when/
